ABUJA – A major international campaign co-chaired by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa has successfully mobilized €15.5 billion to accelerate Africa’s transition to clean energy, officials announced on Sunday.
The initiative, organized in partnership with advocacy group Global Citizen and supported by policy guidance from the International Energy Agency, aims to drive both public and private investment in renewable energy across the continent. The funding will expand electricity access to millions of households and support sustainable economic growth through decarbonized industrialization.
The European Union spearheaded the financing effort, contributing over €15.1 billion of the total amount. President von der Leyen announced a Team Europe pledge exceeding €10 billion, complemented by substantial bilateral contributions from European financial institutions, member states, and their development finance institutions, along with estimated private investment.
“Today, the world has stepped up for Africa,” declared President von der Leyen. “With €15.5 billion, we are turbocharging Africa’s clean-energy transition. Millions more people could gain access to electricity; real, life-changing power for families, for businesses, for entire communities.”
The comprehensive funding package includes significant bilateral commitments from Italy (€2.4 billion), Germany (over €2 billion), and the Netherlands (€250 million), among other European nations. Major European financial institutions are also contributing substantially, with the European Investment Bank pledging €2.1 billion and the European Bank for Reconstruction and Development committing €740 million.
Beyond the direct financial pledges, the campaign secured additional commitments expected to generate 26.8 gigawatts of renewable energy and provide renewable electricity to 17.5 million households currently lacking reliable access.
The African Development Bank has pledged to allocate at least 20% of its African Development Fund’s 17th replenishment to renewable energy projects, while Norway committed approximately €53 million through its contribution to the same fund for 2026-2028.
President von der Leyen emphasized the broader significance of the investment, describing it as “a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe.”
The announcement represents a significant step in global efforts to transition from fossil fuels to sustainable energy sources while addressing Africa’s critical energy access challenges.
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