Energy majors bp, Equinor, Shell and TotalEnergies have committed to jointly invest $500 million to enhance access to energy and clean cooking in sub-Saharan Africa and South and Southeast Asia.
The investment will be managed by a global private equity firm and target high-impact projects including solar home systems, mini-grids and energy storage solutions. The project will also promote job creation and better health outcomes for populations in underserved communities.
“It is early days, but we hope that by jointly investing, we will be able to contribute to wider efforts to tackle the very real challenge of access to energy,” stated Murray Auchincloss, CEO of bp.
The investment will be used to collaborate with international organizations and philanthropes to address market barriers and enhance sharing of industry best practices, according to a joint press statement.
“We believe this effort will help close some of the energy access gaps, which is a key part in reaching the global ambition of a just and equitable energy transition,” stated President and CEO of Equinor Anders Opedal.
According to the Chairman and CEO of TotalEnergies Patrick Pouyanné, the commitment falls under the firm’s plan to dedicate one-third of its electricity projects to emerging markets and provide power to 40 million people by 2030. He said TotalEnergies will invest $400 million in LPG to ensure access to clean cooking for 100 million people in India and Africa by 2030.
