Global and African partners pledged $175 million to the Alliance for Green Infrastructure in Africa (AGIA) on December 3 at COP28. Among the signatories of the Memorandum of Intent were representatives from the African Development Bank (AfDB), Africa50, France, Germany, Japan, the Arab Bank for Economic Development in Africa, Banque Ouest-Africaine de Développement, Proparco and the Three Cairns Group.
AGIA seeks to unlock up to $10 billion in private capital for green infrastructure projects and expedite Africa’s just and equitable transition to net-zero emissions.
Contributions from the various nations and institutions are expected to propel AGIA toward its initial target of $500 million for early-stage project preparation and development blended capital.
Notable commitments include Germany’s plan to contribute up to $28 million starting in 2024, Japan’s $10-million support, and the AfDB’s commitment of up to $40 million, pending approval.
Launched one year ago at COP27 in Egypt, AGIA aims to bridge Africa’s infrastructure gap and facilitate sustainable development, emphasizing early-stage equity to increase clean energy and climate-related projects across the continent.
