The African Development Bank (AfDB) has reaffirmed its dedication to accelerating energy investments and expanding climate financing across Africa through its newly launched “Mission 300” initiative. This bold commitment comes ahead of COP30 as part of the continent’s broader efforts to enhance energy access and sustainability.
Speaking at the 2025 Finance in Common Summit, AfDB Vice-President Nnenna Nwabufo highlighted the urgent need to address Africa’s energy deficit, particularly in Sub-Saharan Africa, where 600 million people still lack electricity. She emphasized that achieving universal energy access requires innovative financing models and stronger collaborations with Local Finance Institutions (LFIs).
“LFIs are the lifeblood of our economies, possessing a unique understanding of local contexts, needs, and opportunities. They are essential for mobilizing the necessary capital, fostering local entrepreneurship, and scaling sustainable energy projects,” she stated.
Read also: AfDB approves $30m for solar power plants, others
Mission 300 is a multi-stakeholder initiative supported by the World Bank, AfDB, and other development partners, aiming to provide electricity access to 300 million Africans by 2030. It builds on commitments made during the Mission 300 Energy Summit in January, where 48 African Heads of State pledged to accelerate energy policy reforms, and 12 countries outlined National Energy Compacts.
Despite significant progress, funding remains a major challenge, especially for last-mile connectivity and off-grid solutions. Experts at the summit stressed the need for concessional funding, blended finance, and risk-mitigation mechanisms to attract private sector investments.
“Traditional financing models often fall short in meeting the specific needs of local communities and small-scale energy projects. This is where LFIs, with their local expertise, can make a transformative difference,” Nwabufo added.
As Mission 300 gains momentum, stakeholders remain optimistic that strategic partnerships and financial innovations will accelerate Africa’s transition toward universal energy access by 2030. The initiative not only supports economic development but also aligns with global climate goals, ensuring a sustainable and inclusive energy future for Africa.
