TotalEnergies, bp, Equinor, and Shell have announced a $500 million joint investment to advance energy access in underserved regions, aligning with the United Nations' Sustainable Development Goal 7 (SDG7), which promotes affordable, reliable, and sustainable energy for all.
The initiative targets Sub-Saharan Africa, South Asia, and Southeast Asia, where millions still lack access to electricity and clean cooking facilities. The funding will support solar home systems, mini-grids, clean cooking technologies, and innovative solutions like energy storage and e-mobility.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated: “Around a third of our electricity development will be in emerging countries, enabling 40 million people to access electricity. Additionally, we're investing $400 million in LPG facilities to develop clean cooking solutions in Africa and India, improving energy access for 100 million people.”
The collaboration reflects growing concern over stalled global progress toward universal energy access. In 2022, the number of people without electricity rose by 10 million to 685 million, while 2.1 billion people—predominantly in Sub-Saharan Africa and Southeast Asia—lacked clean cooking facilities.
bp CEO Murray Auchincloss emphasized the significance of collective action: “By jointly investing, we hope to contribute to wider efforts to tackle the challenge of energy access and foster a more inclusive energy future.”
Equinor President Anders Opedal added, “This joint investment represents a unified approach by leading energy companies to close energy access gaps and support a just energy transition.”
Shell CEO Wael Sawan noted the transformative potential of the initiative: “We believe universal energy access has the power to transform lives. This joint effort aims to drive sustained impact and real change.”
The fund will be managed by a private equity firm specializing in impact investments, ensuring strategic allocation and collaboration with governments, financial institutions, and other stakeholders to maximize impact. Beyond energy access, the initiative is expected to spur job creation and improve health outcomes in the targeted regions.
