The United Arab Emirates, the host of this year’s United Nations climate summit, pledged $4.5 billion to help African nations accelerate clean-energy projects.

Abu Dhabi’s clean-energy producer Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, the nation’s export credit agency, and AMEA Power, a Dubai-based renewable-energy company, will provide the funds, the COP28 Presidency said in a statement.

Africa may need an almost tenfold increase in climate adaptation funding to $100 billion a year to help it bolster its infrastructure and shield its agriculture from climate change, the Global Center on Adaptation said. While the continent produces only about 4% of the world’s greenhouse gas emissions its nations are among those hardest hit by climate change.

Source: Bloomberg