In a landmark collaboration, energy giants TotalEnergies, BP, Shell, and Equinor have collectively pledged $500 million to improve energy access across sub-Saharan Africa, as well as South and Southeast Asia. Announced during the United Nations COP29 climate summit in Azerbaijan, this initiative aims to fund projects spanning the energy value chain, including domestic solar systems, micro-electricity grids, energy production, transport, logistics, storage, e-mobility technologies, and modern cooking fuels like liquefied petroleum gas (LPG).
Reuters
The commitment addresses a critical need, as over 2.3 billion people worldwide still rely on traditional stoves burning wood, charcoal, and animal dung, leading to significant health issues. BP's CEO, Murray Auchincloss, expressed optimism about the initiative, stating, "We hope that by jointly investing, we will be able to contribute to wider efforts to tackle the very real challenge of access ... ."
Reuters
This concerted effort by leading energy companies marks a pivotal step toward sustainable development and improved quality of life in underserved regions.
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