Germany to seek private funds for climate projects in Africa

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Germany’s Federal Minister for Economic Cooperation and Development, Gerd Mueller said the country will unveil talks on climate change at the United Nations, to attract more private investment in projects in Africa and elsewhere.

The minster told RND Newspaper that Germany will highlight its determination at the U.N. climate conference in Katowice, Poland with its Alliance for Development and Climate initiative and a pledge to spend an additional 1.5 billion euros ($1.7 billion) on climate protection.

At the conference, delegates from about 195 nations will seek to produce a “rule book” to flesh out details of the Paris Agreement of 2015.

According to Mueller, it is important to develop the ability of African nations and also countries such as Brazil, India and China to provide electricity for their growing populations without relying on coal production. He said “we can help spark leaps in development. We have the technology and the knowledge”.

Mueller noted that over 70 countries had already signed up for the new German initiative. He revealed that the initiative seeks to boost private funds for climate projects in developing countries and emerging economies.

The German minister said unless countries like Germany step in to bolster investment in alternative energy sources, the African population which is expected to double to 2.5 billion people by 2050 will trigger construction of 1,000 more coal-burning power plants.

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