Ursula von der Leyen announces from Nairobi the launch of green bonds through which approximately one billion dollars can be raised to finance clean energy on the African continent, in an initiative that could also attract plans for the Italian Palazzo Chigi..
European Commission President Ursula von der Leyen considered that public funding is not enough for the green transition regarding Europe and emerging markets as well.
Von der Leyen emphasized the necessity of mobilizing private capital on a large scale, indicating the proposal of a new initiative to attract private investment called the Global Green Bonds Initiative.
She pointed out the nearing allocation of one billion euros to mitigate risks of private investments in emerging markets, in collaboration with the European Investment Bank and member states.
Green bonds today represent the foundation for financing the sustainability of the private sector and companies, and the opportunity came from the Africa Summit held in Nairobi, the capital of Kenya, to achieve this purpose.
Von der Leyen clarified that the idea revolves around raising one billion dollars from the market and directing it towards investments for the transformation process in Africa, thereby leveraging private capital alongside public capital.
Von der Leyen continued: It is unimaginable to guarantee global change regarding climate change while leaving the black continent to its fate, but there is another way, explaining that there is another solution that would open up huge resources for climate action in Africa.
She also talked about the carbon price, pointing out that setting a price on carbon emissions is one of the most efficient and effective tools, as it encourages innovation from the private sector.
She noted that this makes the parties that pollute more pay a fair price, explaining that the revenues can support the clean transition in developing countries.
Von der Leyen called for a proposal to be presented at the upcoming COP 28 conference scheduled to be held in the UAE to establish a global carbon price.
Regarding global energy goals, she stated that if we want to limit global warming to no more than 1.5 degrees Celsius, we need to work on accelerating the global energy transition and quickening the global energy shift.
Von der Leyen stressed the need to triple renewable energy capacity and double energy efficiency by 2030. She added: if we increase global investment in renewable energy sources, clean energy will become accessible to all countries, including Africa.
The Italian website “Decode 39” stated that there is a minimal common denominator between the two proposals and the Mattei Plan for Africa that the Italian government led by Giorgia Meloni is trying to push forward. The plan is inspired by the name of the founder of the Italian company Eni, Enrico Mattei.
The Italian plan aims to achieve complete dependence on Russian gas within two years, followed by gradual growth as a hub for energy distribution from North Africa to the heart of the European Union.
The website mentioned that the shift towards transformation from Brussels through the launch of green bonds aligns with the Italian initiative, as investments that could be made thanks to the gathered resources will necessarily require credible interlocutors, including Italy and its companies.