- bp Equinor, Shell, and TotalEnergies commit $500 million to boost energy access in underserved regions, focusing on Sub-Saharan Africa, South Asia, and Southeast Asia.
- The investment will fund solar home systems, mini-grids, clean cooking technologies, and energy storage solutions to improve access to reliable and sustainable energy.
- The initiative aims to support UN SDG 7, creating jobs, enhancing public health, and providing energy access to millions by 2030.
bp, Equinor, Shell, and TotalEnergies will invest $500 million to support the United Nations Sustainable Development Goal 7 (UN SDG 7). This initiative will provide everyone with affordable, reliable, and sustainable energy by 2030.
The energy companies will target regions like Sub-Saharan Africa, South Asia, and Southeast Asia, where millions still struggle to access electricity or clean cooking solutions. In 2022, the global number of people without electricity increased by 10 million, totalling 685 million. Additionally, 2.1 billion people in Africa and Southeast Asia still rely on unsafe cooking methods.
bp, Equinor, Shell, and TotalEnergies will direct the $500 million investment towards projects that offer solutions like solar home systems, mini-grids, and clean cooking technologies. The companies also plan to fund energy storage, e-mobility, and management systems to improve energy access while creating jobs and improving public health.
A global private equity firm with expertise in impact investments will manage the funds. The firm will ensure that the projects deliver both social benefits and financial returns. It will also collaborate with governments, financial institutions, and local stakeholders to overcome market challenges and provide technical support.
bp CEO Murray Auchincloss expressed optimism about the initiative’s potential. “By working together, we can help solve the energy access challenge and create a more inclusive energy future,” he said.
Equinor CEO Anders Opedal emphasised the importance of collaboration. “This joint effort reflects our commitment to closing energy gaps in emerging countries,” he noted.
Shell CEO Wael Sawan believes the initiative can transform lives. “Our joint investment will overcome key challenges and bring lasting change,” Sawan remarked.
TotalEnergies CEO Patrick Pouyanné highlighted the company’s focus on energy access. “We will provide electricity to 40 million people in emerging markets. We’re also investing $400 million in LPG facilities to help 100 million people in Africa and India access clean cooking,” Pouyanné added.
Through their $500 million investment, bp, Equinor, Shell, and TotalEnergies aim to support the global push for energy access. These companies will take a significant step toward achieving UN SDG 7 by addressing energy poverty and promoting clean solutions. Their collaborative effort promises to help millions gain access to modern energy services by 2030, supporting a more sustainable and equitable energy future.