African leaders pledge $50bn to achieve energy goals, provide sustainable electricity

African leaders have committed to a series of concrete reforms and investments aimed at expanding reliable, affordable, and sustainable electricity access across the continent.

The leaders announced their commitment during the just concluded Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

Thirty heads of state and government pledged over $50 billion to accelerate energy access and economic growth as part of the Mission 300 initiative.

Their commitment was formalised in the Dar es Salaam Energy Declaration, a milestone in tackling Africa’s electricity gap, where more than 600 million people still lack power.

The declaration will be submitted for adoption at the African Union Summit in February, reinforcing the Mission 300 goal of providing electricity to 300 million Africans by 2030.

The initiative brings together governments, development banks, philanthropies, and private sector players in a collaborative effort to bridge Africa’s energy divide.

To meet the Mission 300 goals, a first batch of twelve countries – Chad, Côte d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania and Zambia – presented national energy compacts.

The energy compacts are set targets to scale up electricity access through renewable energy, expand clean cooking solutions, as well as strategies to boost regional integration and attract private sector investment.

Speaking at the summit, President Suluhu Hassan of Tanzania, said the country is “honoured to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies”.

On his part, Akinwumi Adesina, president of the African Development Bank Group (AfDB) emphasised the need for decisive action to accelerate electrification across the continent.

“Critical reforms will be needed to expand the share of renewables, improve utility performance utilities, ensure transparency in licensing and power purchase agreements, and establish predictable tariff regimes that reflect production costs,” he said.

“Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries.”

Ajay Banga, president of the World Bank Group, said access to electricity is a fundamental human right, adding that countries and people cannot thrive without it.

“Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone,” Banga added.

“Governments, businesses, philanthropies, and development banks each have a role, and only through collaboration can we achieve our goal.”

GLOBAL PARTNERS PLEDGE BILLIONS TO BOOST ENERGY ACCESS IN AFRICA 

At the energy summit, global financial institutions and development partners announced a series of significant funding commitments to accelerate energy access across Africa.

AfDB and the World Bank Group pledged to allocate $48 billion in financing for Mission 300 through 2030, with flexibility to fit implementation needs.

Agence Francaise de Development (AFD) pledged £1 billion to support energy access in Africa while Asian Infrastructure Investment Bank (AIIB) also announced funding between $1 billion and $1.5 billion to advance Mission 300’s objectives.

Additionally, the Islamic Development Bank (IsDB) Group committed $2.65 billion to energy access projects across Africa from 2025 to 2030. The OPEC Fund also made an initial pledge of $1 billion in support of the initiative, with more financing expected in the future.

In addition to direct financing, the World Bank Group and AfDB launched Zafiri, an investment company focused on private sector-led renewable energy solutions such as mini-grids and solar home systems.

Zafiri’s anchor partners will invest up to $300 million in its first phase, with plans to mobilise up to $1 billion to close Africa’s persistent energy equity gap.

Hosted by the Tanzanian government, the African Union, AfDB, and the World Bank Group, the Mission 300 Africa Energy Summit also received support from the Rockefeller Foundation, ESMAP, Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the Sustainable Energy Fund for Africa.