BAKU, Azerbaijan, November 19. As part of COP29, TotalEnergies, bp, Equinor, and Shell have pledged a $500 million joint investment to support UN Sustainable Development Goal 7, aiming to improve energy access in underserved regions, particularly in Sub-Saharan Africa, South, and Southeast Asia, Trend reports.
The funds will target projects like solar home systems, mini-grids, clean cooking technologies, and energy storage solutions, addressing the needs of 685 million people without electricity and 2.1 billion lacking clean cooking facilities.
A private equity firm specializing in impact investing will manage the capital to ensure effective implementation and measurable outcomes, including job creation and improved health.
The CEOs of the four companies emphasized the importance of collaboration to tackle global energy inequalities and support a just energy transition. This initiative aligns with broader efforts to achieve universal energy access by 2030.