Four leading energy companies—bp, Equinor, Shell, and TotalEnergies—have announced a joint $500 million investment aimed at advancing the United Nations Sustainable Development Goal 7 (UN SDG 7), which seeks to ensure access to affordable, reliable, sustainable, and modern energy for all.
Tackling Global Energy Inequities
The commitment comes as the number of people without access to electricity rose by 10 million in 2022, reaching 685 million globally. Additionally, approximately 2.1 billion people, primarily in sub-Saharan Africa and Southeast Asia, still lack access to clean cooking solutions, severely affecting health and quality of life, particularly for women and children.
“This joint investment is a step toward creating a more inclusive energy future for millions of people,” said Murray Auchincloss, CEO of bp.
Focus on Underserved Regions and High-Impact Projects
The joint investment will prioritize high-impact projects in sub-Saharan Africa, South Asia, and Southeast Asia. It will target solutions such as solar home systems, mini-grids, clean cooking technologies, and enabling technologies like energy storage and e-mobility. The initiative aims to not only improve energy access but also create jobs and enhance health outcomes in underserved communities.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized, “Around a third of our electricity development in the coming years will focus on emerging countries, benefiting 40 million people. Additionally, our investment in LPG facilities will provide clean cooking solutions for 100 million people.”
Strategic Investment Management
A global private equity firm with extensive experience in impact investing has been selected to manage the fund. This will ensure investments are strategically directed to achieve both social impact and financial returns, while also engaging with key stakeholders like governments, international organizations, and the private sector.
A Shared Vision for a Just Energy Transition
The CEOs of the participating companies shared their perspectives on the initiative:
- Anders Opedal, Equinor: “This collective effort can help close energy access gaps and support a just and equitable energy transition.”
- Wael Sawan, Shell: “Universal energy access has the power to transform lives, and this joint investment will help achieve sustained impact and drive real change.”
A Path Toward Sustainable Development
This collaboration underscores the importance of private sector leadership in addressing global challenges. By focusing on energy access, the initiative supports UN SDG 7 and contributes to achieving a just energy transition by 2030.
