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The Democrat News > Blog > Uncategorized > Africa Energy Summit: Leaders pledge transformation with $50B support
Uncategorized

Africa Energy Summit: Leaders pledge transformation with $50B support

Esther Udoh
Last updated: February 7, 2025 10:05 pm
Esther Udoh
Published February 7, 2025
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Thirty African leaders pledged reforms to expand reliable, affordable power, signing the Dar es Salaam Energy Declaration at the Mission 300 Africa Energy Summit. Partners committed $50B to boost energy access, aiming to electrify 300M people by 2030. The declaration heads to the African Union for adoption.

Twelve nations, including Chad, Cote d’Ivoire, the DRC, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia, outlined their National Energy Compacts. These plans aim to expand electricity access, boost renewable energy use, and attract private investment.

The National Energy Compacts, backed by data and high-level support, focus on affordable power, expanded connections, and regional integration. They aim to improve utilities, attract investment, and promote clean cooking. Using satellite mapping, they identify cost-effective electrification solutions.

Tanzania’s President Samia Suluhu Hassan praised the summit’s role in advancing energy access. Implementing these plans requires political commitment, reforms, and partnerships with development banks and philanthropies.African Development Bank President Akinwumi Adesina called for key reforms to boost renewables, improve utilities, and ensure fair tariffs. World Bank President Ajay Banga highlighted collaboration as key to success.

Electricity is a basic human right, essential for progress, said World Bank President Ajay Banga. He emphasized that only collaboration among governments, businesses, and development banks can achieve Mission 300’s goal of electrifying 300 million Africans.

At the summit, partners pledged major funding:

AfDB & World Bank: $48B for Mission 300 through 2030

AFD: £1B for African energy access

AIIB: $1B–$1.5B for Mission 300Is

DB: $2.65B for energy access (2025–2030)

OPEC Fund: $1B initial support, more to followAfDB & World Bank also launched Zafiri, an investment firm supporting renewable mini-grids and solar homes, with $300M initially and up to $1B in funding.With government reforms, increased financing, and public-private partnerships, African nations can turn plans into action, benefiting millions.

The Mission 300 Africa Energy Summit was hosted by Tanzania, AU, AfDB, and WBG, with support from Rockefeller Foundation, ESMAP, GEAPP, SEforALL, and SEFA.

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