TotalEnergies, bp, Equinor, and Shell have announced a $500 million joint investment to support the UN Sustainable Development Goal 7 (SDG7), which seeks to ensure affordable, reliable, sustainable, and modern energy access for all. This initiative aims to make a positive impact in underserved regions over the next several years.
Addressing the Growing Energy Access Gap
Despite global efforts, progress toward universal energy access has recently stalled due to economic challenges and rising energy costs. In 2022, the number of people lacking access to electricity increased by 10 million, reaching a total of 685 million. Additionally, 2.1 billion people, primarily in sub-Saharan Africa and Southeast Asia, still lack access to clean cooking facilities, disproportionately affecting women and girls who often shoulder these responsibilities.
Focus on Sub-Saharan Africa, South, and Southeast Asia
Through their combined investment, bp, Equinor, Shell, and TotalEnergies aim to launch high-impact projects that will provide electricity and improved cooking solutions for millions. They plan to fund initiatives including solar home systems, mini- and metro-grids, clean cooking technologies, and other energy-enabling solutions like e-mobility and storage. Their ultimate goal is to advance SDG7 while generating co-benefits such as job creation and health improvements.
A global private equity firm with a strong impact investing track record will manage the joint capital, ensuring that funds are allocated effectively to create both social impact and financial returns. In collaboration with governments, international organizations, and financial institutions, this firm will offer technical support, share knowledge, and work to address market barriers.
Leadership Comments on the Initiative
- Patrick Pouyanné, CEO of TotalEnergies: “We are committed to making energy accessible for all. About one-third of our electricity development in the coming years will focus on emerging regions, benefiting around 40 million people with electricity access. In addition, we are investing $400 million in LPG facilities across Africa and India, aiming to provide clean cooking solutions to 100 million people. This partnership reinforces our dedication to achieving SDG7 by 2030.”
- Murray Auchincloss, CEO of bp: “This joint investment is in early stages, but we believe it can significantly contribute to the global challenge of energy access, helping create an inclusive energy future for millions.”
- Anders Opedal, CEO of Equinor: “By combining resources, our companies can help close the energy access gap, an essential step toward a fair and just energy transition.”
- Wael Sawan, CEO of Shell: “Universal energy access can be transformative. Through this collaboration, we aim to make sustained progress and drive meaningful change toward a future where everyone has energy access.”
This unprecedented collaboration underscores the energy sector’s commitment to sustainable growth and equitable energy access, aiming to transform lives in regions most affected by energy poverty.
