A global campaign aimed at fast-tracking renewable energy investment across Africa has concluded with total commitments hitting €15.5 billion, largely driven by the European Union.
The year-long initiative—co-championed by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa—seeks to expand clean-energy generation, boost electricity access for millions, and stimulate sustainable economic growth across the continent.
In a statement issued by the EU Delegation in Abuja and obtained by Hobnob News, the EU led the pledging effort with over €15.1bn. This includes a €10bn pledge announced by von der Leyen on behalf of Team Europe, alongside additional contributions from European financial institutions, member states, development banks, and private investors.
Von der Leyen described the massive commitment as a turning point for Africa’s energy future.
“Today, the world has stepped up for Africa. With €15.5bn, we are turbocharging Africa’s clean-energy transition,” she said. “Millions of people could gain access to electricity—real, life-changing power for families, businesses, and communities.”
The Team Europe package includes new Global Gateway projects co-financed by Germany, France, Denmark, Italy, the Netherlands and Spain, as well as significant contributions from the European Investment Bank (€2.1bn) and the European Bank for Reconstruction and Development (€740m).
Additional bilateral commitments include:
Italy – €2.4bn
Germany – over €2bn
Netherlands (incl. FMO) – €250m
Portugal – €113m
Denmark – €81m
Sweden – €44m
Austria – €5m
Ireland – €5m
The EBRD also announced an additional €600m in bilateral investment.
Beyond Europe, the African Development Bank pledged to allocate at least 20% of the African Development Fund’s upcoming replenishment to renewable energy, while Norway committed about €53m to the same fund.
Major Impact Expected Across Africa
According to campaign organisers, the commitments are expected to deliver:
26.8 gigawatts of renewable-energy capacity, and
clean electricity for 17.5 million households currently without reliable power.
The latest pledges include €7bn newly announced at the final campaign event in Johannesburg on November 21.
Launched in November 2024 in Rio de Janeiro, the “Scaling Up Renewables in Africa” campaign mobilises public and private financing to support COP28 goals—tripling global renewable energy capacity and doubling energy-efficiency improvements.
A Continent Rich in Resources but Starved of Energy
Africa holds 60% of the world’s best solar resources yet attracts only 2% of global energy investment due to high financing costs, limited infrastructure, and supply-chain weaknesses. With 600 million people lacking electricity, the new commitments aim to close the continent’s longstanding energy access gap.
Through the Global Gateway Strategy and the Africa–Europe Green Energy Initiative, the EU has reaffirmed its long-term partnership with Africa to expand renewable generation, strengthen transmission lines, and boost cross-border power trade.
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