$40 Billion to Boost Africa’s Energy Access

The African Development Bank (AfDB) and the World Bank have jointly pledged a total of $40 billion to the “Mission 300” initiative.

The ambitious goal of the project is to bring electricity to 300 million people across Africa by 2030.

Dr. Akinwumi Adesina, the AfDB President, spoke passionately about the vital role that energy plays in driving Africa’s economic development. He stressed that inadequate electricity access is costing the continent 2 to 4 percent of its annual GDP, making it even harder to tackle poverty and boost growth. While progress has been made, with more people gaining access to power, over half of Africa’s population—about 571 million people—still live without reliable electricity.

“Africa’s energy gap is vast,” Dr. Adesina said, addressing the gathering at the Africa Mission 300 Summit. “However, we’ve made real progress, growing access from 39 percent in 2015 to 52 percent in 2024. Still, there is much more work to do.”

Beyond just electricity, clean cooking solutions are a pressing issue. More than a billion Africans lack access to clean cooking methods, a challenge that particularly affects women and children.

The Mission 300 initiative is aimed at tackling both these critical issues—expanding electricity access and providing sustainable clean cooking solutions. Dr. Adesina, alongside World Bank President Ajay Banga, announced their collective commitment to closing the energy gap on the continent.

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To make this a reality, the AfDB is contributing $18.2 billion, while the World Bank is pledging $22 billion. Global partners are also lending their support. The Rockefeller Foundation has provided $20 million to help countries develop tailored energy plans, while the Islamic Development Bank has committed $2.65 billion, the Asian Infrastructure Investment Bank $1.5 billion, and the OPEC Fund $1 billion. Additionally, France is expected to make a substantial contribution as well.

Dr. Adesina highlighted that this collaboration is essential for overcoming the barriers to energy access in Africa. With so much at stake, the Mission 300 initiative could be the game-changer that ensures millions of Africans are no longer left in the dark.

Mission 300 is not just about electricity; it’s about transforming lives, improving health, creating jobs, and empowering entire communities. The initiative marks an important step toward a brighter, more inclusive future for the continent.