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The Mission 300 initiative is estimated to require $90bn. The Mission 300 initiative, aimed at providing electricity to 300 million Africans by 2030, has secured more than $8bn in new funding commitments during the Mission 300 Africa Energy Summit, held in Dar es Salaam, Tanzania, from 27 January to 28 January 2025, as reported by Reuters. The summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB) and the World Bank Group. Launched in April 2024 by the World Bank and the AfDB, the initiative is estimated to cost $90bn. The two banks have already committed up to $48bn, with potential for further contributions during implementation. New lenders are the Islamic Development Bank (IsDB), the Asian Infrastructure Investment Bank (AIIB), the French Development Agency (AFD) and the OPEC Fund for International Development. The IsDB is pledging $2.65bn in financing and an additional $2bn to insure power projects in Africa, while the AIIB is contributing between $1bn and $1.5bn. The AFD and the OPEC Fund have committed €1bn ($1.04bn) each. In addition to improving electricity access, Mission 300 aims to promote clean cooking energy, reducing reliance on harmful wood and charcoal. Clean cooking solutions could prevent 600,000 deaths annually due to smoke exposure. In a related development, the Rockefeller Foundation has pledged $15.9m towards the initiative to be divided among several parties. Zafiri, a new investment company focused on scaling renewable energy projects in Africa, will receive $10m while $2.5m in grants will be provided to ODI Global Washington for a new fellowship programme supporting African Governments. Sustainable Energy for All (SEforALL) will receive $3.4m to monitor progress and develop local currency financing tools for Africa’s energy projects. The funding builds on the Global Energy Alliance for People and Planet (GEAPP) and the Rockefeller Foundation’s initial $10m investment into the RF Catalytic Capital’s (RFCC) Mission 300 Accelerator in September 2024. The Rockefeller Foundation president Rajiv J Shah said: “Access to electricity will determine the quality of Africa’s future and, because of its growing youth population, the world’s. By connecting 300 million Africans to electricity for the first time, Mission 300 will make all our futures more prosperous and secure.” This month, the World Bank and the AfDB announced terms for African countries to secure $40bn in power finance under the Mission 300 programme. |
