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TotalEnergies, bp, Equinor and Shell to Jointly Invest USD 500 Mn to Boost Clean Energy Access

TotalEnergies, bp, Equinor, and Shell have pledged USD 500 million to advance UN Sustainable Development Goal 7, focusing on clean energy access in underserved communities across Sub-Saharan Africa, South, and Southeast Asia.

November 16, 2024. By Mrinmoy Dey

TotalEnergies, bp, Equinor and Shell have committed to invest USD 500 million jointly in support of the UN Sustainable Development Goal 7 (UN SDG7), which aims to ensure access to affordable, reliable, sustainable, and modern energy for all.

The joint investment seeks to support promising, high-impact projects, primarily in Sub-Saharan Africa, South and Southeast Asia, aiming to help millions of people in underserved communities gain access to electricity and improved cooking conditions.

Their shared intent is for the committed capital to be invested in a broad range of solutions, including solar home systems, mini/metro grids, clean cooking solutions, and enabling technologies such as e-mobility, energy storage and management solutions.

Commenting on the development, Patrick Pouyanné, Chairman and CEO of TotalEnergies said, “At TotalEnergies, we are deeply committed to making energy accessible to all. Around a third of our development in electricity in the coming years will be in emerging countries, which will enable about 40 million people to benefit from access to electricity.”

He further added that the company is committed to investing 400 million dollars in Liquefied Petroleum Gas facilities to develop clean cooking solutions in Africa and India, which will help 100 million people access healthier, more sustainable and more reliable energy. “With this new joint initiative with our peers, we are activating another lever to contribute to high-impact local projects to help achieve the United Nations Sustainable Development Goal 7 by 2030,” he said.

Murray Auchincloss, CEO of bp commented, “It is early days, but we hope that by jointly investing, we will be able to contribute to wider efforts to tackle the very real challenge of access to energy. Over time, we believe it can help to create a more inclusive energy future for some of the many millions of people who lack that access today.”

Anders Opedal, President and CEO of Equinor remarked, “This joint investment brings together four leading energy companies investing in emerging countries. We believe this effort will help close some of the energy access gaps, which is a key part in reaching the global ambition of a just and equitable energy transition.”

Wael Sawan, CEO of Shell stated, “We want to support accelerated progress towards universal energy access as we believe it has the power to transform lives. This joint investment will help to do that. By working collectively to overcome key energy access challenges we can achieve sustained impact and drive real change.”

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UN Sustainable Development Goals

Clean energy adoption