TotalEnergies, bp, Equinor and Shell Commits $500mn to Energy Access

TotalEnergies, bp, Equinor, and Shell have pledged $500 million to advance the United Nations Sustainable Development Goal 7 (UN SDG 7), which aims to provide affordable, reliable, and sustainable energy for all. This joint commitment focuses on creating meaningful energy access improvements in underserved regions over the coming years.

Despite global efforts, progress toward universal energy access has slowed due to macroeconomic challenges and rising energy prices. In 2022, the global population without electricity increased by 10 million to 685 million. Additionally, 2.1 billion people, mostly in Sub-Saharan Africa and Southeast Asia, lack access to clean cooking facilities. This disproportionately impacts women and girls, who often bear significant domestic responsibilities.

The $500 million investment aims to address these challenges by supporting high-impact projects primarily in Sub-Saharan Africa, South Asia, and Southeast Asia. The initiative will focus on expanding access to electricity and clean cooking through diverse solutions such as solar home systems, mini and metro grids, clean cooking technologies, and enabling innovations like e-mobility, energy storage, and energy management systems. Beyond addressing energy access, the initiative also seeks to foster job creation and improve health outcomes, contributing to UN SDG 7’s broader goals.

To ensure effective deployment of the capital, a global private equity firm specializing in impact investing has been chosen to manage the fund. This firm will guide investments to achieve both social and financial benefits while collaborating with governments, international organizations, private sector entities, civil society, and philanthropies. The firm’s role includes sharing knowledge, offering technical support, and addressing barriers to market access.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized the company's dedication to energy accessibility, stating that a third of its electricity development will target emerging countries, benefiting 40 million people. He highlighted an additional $400 million investment in liquefied petroleum gas facilities to promote clean cooking in Africa and India, potentially improving the lives of 100 million people.

Murray Auchincloss, CEO of bp, expressed optimism about the collaboration, stating, "By jointly investing, we aim to contribute to broader efforts to tackle energy access challenges and create a more inclusive energy future."

Anders Opedal, President and CEO of Equinor, noted that the initiative unites leading energy companies to help bridge energy access gaps, a critical step in achieving a just energy transition.

Shell CEO Wael Sawan reinforced the transformative power of universal energy access, saying, "By working together, we can drive sustained impact and real change."

This partnership underscores the shared commitment of these energy leaders to accelerate progress toward achieving universal energy access by 2030.