Mission 300 African Energy Summit emphasized a need to offer the 300 million people electricity connections by 2030 evidenced by an initiative that twelve African Countries took in issuing their National Energy Compacts. The National Energy Compacts are identifying specific Policy measures to address constraints across the energy sector and setting targets.
The continent hosts the largest population of people without electricity since up to 600 million people in Sub-Saharan Africa live without access. A figure that makes up for 83% of the world’s unelectrified population. The convention brings together the private sector led by the African Development Bank, the World Bank, and the Rockefeller Foundation which invested $15.9 million to expanding electricity access in the region.
This partnership is a demonstration of the determination of the World Bank Group and the African Development Bank Group to be bolder, bigger, and better at tackling one of the most pressing challenges in Africa. The initiative is the most recent manifestation of the World Bank Group’s commitment to become more impact-oriented and is the byproduct of a concerted work to build a better bank.
Electricity is a great step toward the transformation of people’s everyday lives across Africa, envisioning the growth and access that would be lighting the rural and most marginalized regions. This opening up of the regions would be determined by the availability of reliable, affordable, and sustainable energy as an enabler of job creation, and in turn, strengthened economies.
“Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and job creation at scale. Our aspiration will only be realized with partnership and ambition,” said Ajay Banga, World Bank Group President.
Ajay further emphasized that government policy action is essential, as is financing from multilateral development banks, and private sector investments to see this through.
Faced with the climate change crisis, the important role of energy diversification has amplified as a path to driving development and job creation. Among the countries that submitted their national energy compacts are; Chad, Côte d’Ivoire, the Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia.
The National Energy Compacts set ambitious targets with timelines for implementation to:
- expand energy infrastructure at competitive costs,
- leverage the benefits of regional power integration,
- embrace distributed renewable energy and clean cooking solutions as critical elements of the access agenda,
- foster greater private sector participation to unlock additional resources, and
- strengthen utilities.
