Global Energy Giants Commit $500 Million to Advance Universal Energy Access for Underserved Regions

Global Energy Giants Commit $500 Million to Advance Universal Energy Access for Underserved Regions

(IN BRIEF) Four major energy companies—bp, Equinor, Shell, and TotalEnergies—have committed $500 million to address global energy access challenges, particularly in underserved regions like Sub-Saharan Africa, South Asia, and Southeast Asia. This collaborative effort aims to support UN Sustainable Development Goal 7 (UN SDG7) by funding projects such as solar home systems, mini-grids, clean cooking solutions, and enabling technologies. The initiative seeks to tackle the rising number of people lacking electricity (685 million) and clean cooking facilities (2.1 billion), with a focus on improving health, creating jobs, and fostering sustainable energy access. A private equity firm specializing in impact investing will manage the funds to ensure strategic, high-impact outcomes.

(PRESS RELEASE) STAVANGER, 16-Nov-2024 — /EuropaWire/ — bp, Equinor, Shell, and TotalEnergies have unveiled a significant collaborative effort to advance the United Nations Sustainable Development Goal 7 (UN SDG7), which focuses on ensuring universal access to affordable, reliable, and sustainable energy. This landmark initiative underscores their shared commitment to addressing the energy challenges faced by underserved communities worldwide.

The partnership includes a groundbreaking pledge of $500 million, collectively invested by the four energy leaders. This fund aims to catalyze transformative energy access solutions in regions where the need is most urgent, with a particular focus on Sub-Saharan Africa, South Asia, and Southeast Asia.

Rising Energy Inequality Amid Global Challenges

Recent global shocks, such as economic turbulence and surging energy costs, have stalled progress toward universal energy access. Alarmingly, in 2022, the number of people living without electricity rose by 10 million, reaching a total of 685 million. Even more concerning is the lack of access to clean cooking facilities, which affects 2.1 billion people—primarily women and girls who bear the burden of unsafe and inefficient cooking practices.

A Unified Approach to Energy Access Solutions

Recognizing the urgency, bp, Equinor, Shell, and TotalEnergies are pooling resources to invest in scalable, impactful projects aimed at bridging the energy access gap. Their $500 million commitment will fund initiatives such as solar home systems, mini-grids, clean cooking technologies, and innovative enabling solutions like e-mobility and energy storage. These investments are poised to deliver significant co-benefits, including improved health, job creation, and community empowerment, while supporting the achievement of UN SDG7.

To ensure the strategic and impactful allocation of funds, a globally recognized private equity firm with expertise in impact investing has been chosen to manage the initiative. Their role will include fostering partnerships with governments, financial institutions, and other stakeholders, while addressing market barriers and providing technical support.

Leaders Emphasize the Importance of Collaboration

Highlighting the initiative’s potential, Murray Auchincloss, CEO of bp, remarked:
“By collaborating, we aim to make meaningful progress in addressing energy access challenges. We believe this investment can contribute to a more inclusive energy future for millions who currently lack access to reliable energy.”

Anders Opedal, President and CEO of Equinor, echoed this sentiment:
“This partnership showcases the power of collective action in closing energy access gaps, which is essential to achieving a just and equitable energy transition globally.”

Wael Sawan, CEO of Shell, added:
“Universal energy access has the power to transform lives. Through this joint effort, we aim to overcome key challenges and create lasting impact.”

Patrick Pouyanné, Chairman and CEO of TotalEnergies, emphasized the company’s dedication to energy equity:
“Our investments in electricity development and clean cooking solutions reflect our commitment to making energy more accessible and sustainable. This joint initiative marks another important step toward achieving the UN SDG7 by 2030.”

A Step Toward a Just Energy Transition

This collaborative initiative underscores the energy sector’s pivotal role in advancing global energy equity. By leveraging their expertise and resources, bp, Equinor, Shell, and TotalEnergies are driving impactful solutions to ensure that millions of underserved individuals gain access to modern energy—a critical step toward a more inclusive and sustainable future.

Media Contact:

Tel: +47 51 99 00 00

SOURCE: Equinor ASA