African leaders at ACS2
African leaders and top financiers on Thursday signed a cooperation framework to mobilise over $100 billion for the Africa Green Industrialisation Initiative (AGII).
AGII seeks to accelerate renewable-powered industries, deepen regional value chains, and position Africa as a global hub for sustainable trade.
The signing, which took place on the sidelines of the second Africa Climate Summit (ACS2) in Addis Ababa, Ethiopia, marks the biggest coordinated push yet to turn the continent’s vast resources and renewable energy potential into a driver of climate-smart growth.
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The framework, first unveiled at COP28 and anchored in the 2023 Nairobi Declaration, has now been converted into an actionable plan.
Institutions that signed up to the plan include the African Development Bank (AfDB), Afreximbank, Africa50, Africa Finance Corporation (AFC), KCB Group, Equity Bank, Stanbic Bank Kenya and South Sudan, Ecobank, and the African Continental Free Trade Area (AfCFTA) secretariat.
They pledged to mobilise capital, align regulations, and provide technical expertise to create climate-smart industries and millions of new jobs.
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Kenyan President William Ruto said the move shows Africa’s determination to “anchor inclusive and globally competitive green value chains” and move beyond its historic role as a supplier of raw commodities.
Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA), described the framework as a shift “from declaration to demonstration”.
Mene noted that Africa is showing the world that it is not “an applicant but an investment partner”.
Among the first projects is a $313 million public-private transmission line in Kenya, led by Africa50 and PowerGrid, to expand access to renewable electricity and enable green industrialisation.
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Equity Bank committed $1 billion, while Stanbic Bank Kenya and South Sudan said it would mobilise over KES 15 billion in sustainable financing by 2028.
Afreximbank and AFC also pledged to scale investments in renewable energy and green infrastructure.
The initiative will operate in tandem with the Accelerated Partnership for Renewables in Africa (APRA), launched at the first climate summit, which targets 300 GW of renewable energy capacity by 2030.
By tying finance, policy and technology, African leaders say AGII will help reposition the continent as a manufacturer and innovator in the global green economy.
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