An international coalition led by the World Bank and the African Development Bank (AfDB) has launched an ambitious initiative to raise $90 billion to provide electricity to 300 million Africans by 2030. The initiative, called “Mission 300,” focuses on clean energy solutions to address the electricity deficit across the continent, where 600 million people still lack access to reliable power.
Key Supporters Rally Behind the Mission
The Rockefeller Foundation, Global Alliance for People and Planet, and Sustainable Energy For All have pledged their support for Mission 300. These organizations will play critical roles in providing technical assistance, evaluating projects for funding, and collaborating with governments to implement necessary reforms in green energy infrastructure. Their involvement underscores the program’s focus on sustainability and the transition to clean energy sources.
Funding Strategy: Pooling Public, Private, and Philanthropic Resources
Mission 300 aims to accelerate electrification by pooling resources from public, private, and philanthropic funds. The focus will be on advancing clean energy technologies such as mini-grids to deliver sustainable power to underserved communities.
Back in April, the World Bank committed $25 billion to the initiative, while the AfDB pledged $5 billion. Further fundraising efforts are planned for the International Development Association meeting in Seoul in December. Additional support is expected from private investors, international organizations, and other philanthropic bodies.
Upcoming Summits and Global Contributions
In January, a summit will be held in Dar es Salaam, Tanzania, to further mobilize support for Mission 300 and to discuss strategies for expanding electrification across Africa. The International Monetary Fund (IMF) may also contribute to the initiative through its Resilience and Sustainability Trust. This trust has already received a significant portion of the $100 billion in Special Drawing Rights allocated by developed nations to help developing countries strengthen their resilience to global challenges.
Leveraging Past Successes for Future Impact
Mission 300 could draw inspiration from previous efforts led by the Rockefeller Foundation and the Global Alliance for People and Planet. Launched in partnership with the Bezos Earth Fund and the Ikea Foundation in 2021, the Global Alliance has already deployed $10 million to support 15 projects across 11 African countries. This experience in scaling clean energy initiatives will be instrumental in guiding Mission 300’s future success.
A Bold Step Toward Energy Access and Sustainability
Mission 300 is poised to be a transformative initiative, addressing Africa’s energy access crisis while promoting sustainability through clean energy solutions. By uniting key global players and leveraging diverse funding sources, the coalition aims to deliver electricity to 300 million people by 2030, reshaping the continent’s energy landscape and fostering long-term development.
Source: ecofinagency