Scholz Promises €4 Billion for EU-Africa Climate Initiatives

Olaf Scholz, second left during a panel session at the G20 Investment Summit in Berlin, on Nov. 20. — Olaf Scholz, second left during a panel session at the G20 Investment Summit in Berlin, on Nov. 20.
Photographer: Sean Gallup/Getty Images

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By Michael Nienaber

November 20, 2023 at 10:03 AM UTC

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German Chancellor Olaf Scholz pledged €4 billion ($4.4 billion) for the Africa-EU Green Energy Initiative through 2030 and said Europe’s biggest economy will import “a large proportion” of its green hydrogen needs from the continent.

“This is not about development aid according to the outdated patterns of donors and recipients,” Scholz said Monday in a speech marking the opening of a Group of 20 investment summit in Berlin.