COP28: EU announces over €20 billion for Team Europe Initiative on Africa-EU Green Energy Initiative

Today, during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), Executive Vice President of the European Commission Maroš Šefčovič announced a  Team Europe  pledge of more than €20 billion for the Africa-EU Green Energy Initiative (AEGEI), an initiative launched during the 6^th EU-AU Summit, in February 2022.

Executive Vice President of the European Commission, Maroš Šefčovič, said: “The Africa-EU Green Energy Initiative will ensure increased access to affordable, reliable and sustainable energy for people and businesses in Africa; promote the increase of generation of renewable energy; and increase energy efficiency. With more than 20 billion euros until 2027 pledged by Team Europe partners, including 3.4 billion euros in grants from the EU, we are demonstrating our commitment to the target of tripling renewable energy and doubling energy efficiency which we hope to also be included in the multilaterally agreed outcomes of COP28.”

As part of the Global Gateway Africa-Europe Investment Package, AEGEI aims to support the deployment of at least 50 Gigawatts of renewable electricity generation capacity, ensuring access to electricity for at least 100 million people in Africa by 2030, promote energy efficiency, support reforms for a conducive regulatory environment for private investment, and foster market integration.

Within the framework of AEGEI, significant actions at continental, regional and national levels, focusing on enhancing access to affordable, reliable and sustainable energy across the African continent are already being taken forward.

Committing over €20 billion for the period of 2021-2027 within the framework of AEGEI, significant strides have been taken already, with more initiatives in the pipeline and private sectors investments anticipated. Recognising the significance of addressing Africa’s energy challenges, AEGEI stands out as a unique global initiative. It is designed to foster links through enduring partnerships and not dependencies.  

AEGEI is led by the European Commission, which has committed €3.4 billion in grants between 2021 and 2027, and supported by 12 Member States (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Portugal, Spain and Sweden), as well as the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).

For more information

EU-Africa: Global Gateway Investment Package – Green Energy Initiative factsheet

Africa-EU Partnership