USAID, Genesis Energy to Mobilize $10B in Climate Finance for Africa

Energy infrastructure development firm Genesis Energy and the US Agency for International Development (USAID) have signed an agreement to mobilize $10 billion toward renewable energy, nature-based solutions and climate mitigation measures in Africa.

The two parties aim to leverage private sector investment to help countries meet their Nationally Determined Contributions under the Paris Agreement. The agreement will be implemented under USAID’s Comprehensive Action Against Climate Change Initiative over the next five years.

“This partnership is part of our ongoing commitment to supporting the private sector in driving climate change solutions,” said USAID Chief Climate Officer and Deputy Assistant Administrator, Gillian Caldwell.

Akinwole Omoboriowo II, Chairman of Genesis Energy, said the partnership serves to direct funds toward projects that will accelerate decarbonization efforts across Africa.