An international coalition led by the World Bank and the African Development Bank (AfDB) is seeking to raise $90 billion to provide electricity to 300 million Africans by 2030.
Africa currently has nearly 600 million people without access to electricity. Many of these individuals rely on firewood, charcoal, or costly generators for cooking, heating, and lighting in homes and businesses, resulting in high energy costs and significant pollution.
To change this, the World Bank and AfDB have set the ambitious goal of connecting 300 million people to electricity in Africa by 2030 through the "Mission 300" initiative. This program is supported by international institutions such as the Rockefeller Foundation, Global Alliance for People and Planet, and Sustainable Energy For All, with a focus on prioritizing green energy.
The program will concentrate on clean energy provision through technologies like mini-grids. The coalition has gathered resources from various sources, including public, private, and philanthropic funds, to accelerate electrification on the continent.
The initiative will evaluate and select the best-prepared projects for funding, while assisting governments with the necessary reforms to establish green energy infrastructure.
The International Monetary Fund (IMF) may also contribute through its Resilience and Sustainability Trust, which has received a significant portion of the $100 billion in Special Drawing Rights (SDRs) allocated by developed countries to developing nations.