LOADING

Type to search

World Bank and African Development Bank Partner to Electrify 300 Million in Africa by 2030

World Bank and African Development Bank Partner to Electrify 300 Million in Africa by 2030

World Bank

World Bank Group, African Development Bank initiative could halve the number of people in Africa living without electricity access

The World Bank Group and African Development Bank Group are partnering on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.

The World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid while the African Development Bank Group will support an additional 50 million people.

Access to electricity is a fundamental human right and is foundational to any successful development effort. Currently, 600 million Africans lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and ultimately job creation.

Electricity access is the bedrock of all development. It is a critical ingredient for economic growth and essential for job creation at scale. Our aspiration will only be realized with partnership and ambition. We will need policy action from governments, financing from multilateral development banks, and private sector investment to see this through,” said Ajay Banga, World Bank Group President. 

This partnership is a demonstration of the determination of the World Bank Group and the African Development Bank Group to be bolder, bigger, and better in tackling one of the most pressing challenges in Africa. The initiative is the most recent manifestation of the World Bank Group’s commitment to become more impact-oriented and is the byproduct of a concerted workplan to build a better bank. It is aided by a constellation of regional energy programs that will now be aligned toward this common goal. 

For the World Bank Group to connect 250 million people, $30 billion of public sector investment will be needed, of which IDA, the World Bank’s concessional arm for low-income countries, will be critical. In addition, governments will need to put in place policies to attract private investment, and reform their utilities so they are financially sound and efficient with tariff mechanisms that protect the poor. 

Related Article: World Bank To Loans Ethiopia $1.72 Billion for Power, Water Supply Expansion

Connecting 250 million people to electricity would open private sector investment opportunities in distributed renewable energy alone worth $9 billion. Beyond that, there would be substantial opportunities for private investments in grid-connected renewable energy needed to power economies for growth.

Topics

Related Articles

LOADING

Type to search

Blog

California Delays Rulemaking for Climate Disclosure Laws SB 253 and SB 261, Releases Draft Emissions Template
Harvard Accelerates Campus Decarbonization with 32% Emissions Cut
Apple Expands Renewable Energy Portfolio Across Europe
Engie, Masdar Secure 1.5 GW Solar Project to Boost Abu Dhabi’s Clean Energy Capacity
Amazon Tests Next-Gen Decarbonization Strategies at New Indiana Facility
Brookfield and Bloom Energy Launch $5B Partnership to Power Next-Generation AI Factories
McKinsey’s Global Energy Perspective 2025 Warns of Slower Transition Despite Renewables Growth
Swedish Green Steel Firm Stegra Launches $1B Round to Finish Hydrogen Steel Plant
Global Taskforce Sets Out Plan to Bridge $4 Trillion Sustainability Finance Gap for SMEs
EU Lawmakers Scale Back Sustainability Rules, Raising Thresholds for Corporate Reporting and Due Diligence
Schroders Achieves 100% Renewable Electricity Across Global Operations One Year Ahead of Schedule
Mercedes F1 Nears Net Zero Goal with 99% Biofuel Logistics Coverage Across Europe
Moeve Joins Avelia as First External SAF Supplier
Google to Invest €5 Billion in Belgium to Expand AI and Carbon-Free Infrastructure by 2027
Climate Fund Managers Closes $1.07 Billion Climate Adaptation Fund for Emerging Markets
Mexico Adopts 17 Climate-Aligned Legal Clauses to Advance Sustainable Law Frameworks
EU Launches $6.1M Initiative to Scale Sustainable Algae Farming and Blue Innovation Hubs
India Plans $77B Hydropower Expansion as Strategic Buffer to China’s Upstream Dams
US Pushes Back Against EU Plan to Cut Global Shipping Emissions
Siemens, Airbus Partner to Decarbonize Three UK Manufacturing Sites by 2030
","session_id":"ep-sess-1761017232-TNjra5nJ","page_url":"https:\/\/esgnews.com\/world-bank-and-african-development-bank-partner-to-electrify-300-million-in-africa-by-2030\/","post_id":"26618","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */