African financial institutions pledge $100 billion for green projects

African financial institutions have unveiled a plan that will mobilise over $100 billion to fund green projects to jumpstart economic growth. Key players, including the African Development Bank, Afreximbank, and Ecobank, committed to mobilising sustainable finance and aligning regulations at the Africa Climate Summit in Addis Ababa.

Bloomberg reported that the funding will support renewable energy expansion, strengthen regional value chains, and position Africa as a global hub for sustainable trade. Experts say the initiative could accelerate the continent’s transition to low-carbon economies while attracting international investment in green industries.