Game-Changing $50 Billion Commitment to Africa's Energy Transformation

Updated Wednesday 29 January 2025 10:0

Thirty Africans Today, heads of state and government pledged to implement tangible changes and take steps to increase access to sustainable, reasonably priced, and dependable electricity in order to boost economic expansion, enhance living standards, and create jobs throughout the continent. During the two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania's commercial city, the leaders made a commitment in a statement. More than $50 billion was promised by Mission 300 partners to help expand access to energy throughout Africa.

More than 600 million people in Africa do not currently have access to power, and the Dar es Salaam Energy Declaration is a significant step in closing this gap.A key component of the Mission 300 effort, which brings together governments, development banks, partners, philanthropies, and the corporate sector to connect 300 million Africans to power by 2030, are the commitments made in the Declaration. The Declaration will now be presented for adoption during the February African Union Summit.

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Mission 300 is the cornerstone of the jobs agenda for Africa's expanding youth population and the basis for future development by tackling the core issue of energy availability.

In their comprehensive National Energy Compacts, twelve nations—Chad, Côte d'Ivoire, Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—set goals to expand access to electricity, boost the use of renewable energy, and draw in more private investment. These nation-specific strategies, which emphasize economical power generation, growing connections, and regional integration, are time-bound, data-based, and approved at the highest level. They want to enhance clean cooking options, draw in private investment, and increase utility efficiency. These compacts find the most economical ways to provide electricity to underserved areas by utilizing satellite and electronic mapping technologies.

The president of the United Republic of Tanzania, H.E. Dr. Samia Suluhu Hassan, stated, "Tanzania is honored to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies."

Implementing the National Energy Compacts will require political will, long-term vision and the complete support from Mission 300 partners. In order to stimulate more private sector investment, governments are setting the path with extensive reforms, more concessional funding, and strategic alliances with development banks and philanthropies.

The African Development Bank Group President, Dr. Akinwumi A. Adesina, underlined the necessity of swift action to hasten electricity throughout the continent. To increase the proportion of renewable energy, enhance utility performance, guarantee openness in power purchase and licensing agreements, and create stable tariff regimes that account for production costs, significant reforms will be required. To fulfill your ambitions for electricity in your respective nations, we are working together to assist you, leaders of state and government, in creating and carrying out transparent, national energy compacts that are led by your respective nations.