African countries are busy embracing hydrogen and other clean energies as a ‘second era’ of climate financing is underway, according to discussions on Finance Day at COP27 today.
Speaking at a McKinsey hosted seminar, Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank, said with the Middle East and Africa grappling with rising temperatures, they are having to step up their clean energy strategies to combat climate change threats.
“Countries like Kenya and Egypt are turning more to green hydrogen for their future needs,” he said. “The energy picture is changing, and in five years’ time, the share of hydrogen will be much bigger than it is today – and that requires lots of investment and collaboration.”
bp recently signed a Memorandum of Understanding (MoU) with the Government of Mauritania to explore the potential for large-scale production of green hydrogen in the renewables-focused country (click here), while the EU has signed a similar framework with Namibia (click here).
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