bp, Equinor, Shell, and TotalEnergies partner to boost global energy access

The four energy giants will fund high-impact projects focusing on solutions like solar home systems, mini-grids, clean cooking options, and enabling new mobility technologies.

bp, Equinor, Shell, and TotalEnergies have announced a collective $500 million investment to support the UN Sustainable Development Goal 7 to ensure affordable, reliable, sustainable, and modern energy access for all. 

The four energy giants are joining forces to create a significant impact in energy access, focusing on underserved regions over the coming years. A global private equity firm with experience in impact investing will manage the joint investment. 

Despite global efforts, progress toward universal energy access has slowed, exacerbated by recent economic challenges and rising energy prices.

The partnership will engage with governments, international organizations, financial institutions, the private sector, civil society, and philanthropic organizations to share knowledge, provide technical assistance, and address market challenges.

In 2022, the number of people without access to electricity rose by around 10 million, bringing the total to 685 million. Additionally, about 2.1 billion people, mostly in sub-Saharan Africa and Southeast Asia, lack access to clean cooking facilities, which disproportionately affects women and girls who are often responsible for domestic chores.

To address these challenges, the four companies are leveraging their combined $500 million to fund high-impact projects, particularly in Sub-Saharan Africa, South Asia, and Southeast Asia. The initiative aims to improve energy access for millions, focusing on solutions like solar home systems, mini-grids, clean cooking options, and enabling technologies such as e-mobility, energy storage, and management solutions.