ST. PETERSBURG: The European Union plans to put aside almost 30 billion euros ($36 billion) in the 2021-2027 budget for the support of the green energy transition in Africa, Koen Doens, the director general for international partnerships at the European Commission, said Friday.
“We are now intending to allocate under our new upcoming budgetary circle 2021- 2027 a substantial amount of funding. We are at the EU level are ready to dedicate almost 30 billion euros in grant funding to Africa and a sizable amount will go directly into a sustainable energy in Africa,” he said.
The EU is ready to bring a wide mix of instruments, Doens said, with which to develop the energy sector on the continent, such as leveraging investments by “derisking” them, improving the investment climate and public-private sector dialogue.
Doens, who spoke during an EU-Africa business forum on green energy transition, named the slow pace of energy reforms, lack of bankable investment projects and the limited leverage of private sector funding as some of the obstacles on the path toward Africa’s greener future and a sustainable energy access.