The Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the Rockefeller Foundation announced their support for “Mission 300” (M300), an initiative led by the World Bank Group and the African Development Bank (AfDB).
Mission 300, which was introduced in April 2024, intends to revolutionize energy access throughout the continent by enhancing 300 million Africans’ access to power by 2030.
As part of this collaboration, a new technical assistance (TA) facility and an M300 Leadership Group with the World Bank and AfDB will be established.
The effort aims to enhance energy access for almost half of the continent’s population without dependable power and gain private sector funding for electrification projects throughout Africa.
Ten million dollars from the Rockefeller Foundation and GEAPP will be used to support multilateral development banks and African governments.
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The TA facility has fielded about thirty requests for technical support since August.
This funding will support about fifteen initiatives in eleven African countries, including Burkina Faso, Chad, Côte d’Ivoire, and Nigeria.
With more than 50% of the value of its existing portfolio invested in Africa, it expands on the capabilities at GEAPP and RF Catalytic Capital (RFCC) of The Rockefeller Foundation.
The projects cover various regions, including the Common Market for Eastern and Southern Africa (COMESA), Africa’s largest economic organization.
Woochong Um, the CEO of the Global Energy Alliance for People and Planet said, “This groundbreaking initiative is why our Alliance was created: collaboration is essential to achieving universal clean energy access, reducing carbon emissions and supporting livelihoods.”
He added, “Our alliance is setting a new standard for how the world can come together to address global energy and climate challenges in developing economies. Together, we can drive a more equitable and sustainable energy future for all.”
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Global advocacy and the utilization of productive energy are two of the M300-advancing activities being developed by the Rockefeller Foundation and its partners.
Together with GEAPP and SEforALL, the M300 Accelerator is supporting electrification initiatives in Africa with the goal of unlocking a minimum of $90 billion in financing.
They support restocking the African Development Fund (ADF) of the African Development Bank (AfDB) and the International Development Association (IDA), and they are looking at funding via the Resilience and Sustainability Trust (RST) of the International Monetary Fund.
