COP28 a key milestone in climate action: AFC President

COP28 a key milestone in climate action: AFC President

ABU DHABI, 8th March, 2023 (WAM) -- Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC), said that the UAE's hosting of COP28 is a key milestone in the global climate action drive, especially as the country has adopted a strategy to achieve climate neutrality by 2050, as well as pioneering national and international renewable energy projects.

In a statement to the Emirates News Agency (WAM), Zubairu said that the world is waiting for the UAE to host COP28, which will be an innovative platform for boosting the collective efforts to create a sustainable future.

The AFC has strategic ties with the UAE, which is a key hub for investments flowing to Africa from the Gulf Cooperation Council (GCC) region, he added. The share of Emirati contributions to the corporation’s total investments is nearly 60 percent, Zubairu continued, underscoring the UAE’s pivotal role in supporting economic growth in Africa.

He went to underscore the importance of using electric vehicles (EV) to reduce carbon emissions, noting that the value of EV market is estimated at US$7 trillion and expected to reach more than US$46 trillion by 2050.

The AFC is focusing on improving access to sustainable resources and ensuring food, water and energy security in Egypt, he added, highlighting the efforts to create economic zones and attract investments to advance various industries.

Zubairu pointed out that AFC signed a Memorandum of Understanding last year with Abu Dhabi Ports to attract investments and imports and launch joint logistics services in Africa. They identified three ports in the continent for this purpose, noting the corporation’s ongoing cooperation with Masdar on its African renewable energy strategy.

Over the last 15 years, AFC has invested more than US$10 billion in infrastructure projects across 37 countries in Africa.