Behind bp, Equinor, Shell & Total's Energy Access Project
In a landmark initiative, four of the world's predominant energy corporations — bpP, Equinor, Shell, and TotalEnergies — are injecting $500m into a project designed to augment energy availability in disadvantaged areas globally.
This commitment aligns with the United Nations' Sustainable Development Goal 7 (SDG 7), which focuses on ensuring access to affordable, reliable, sustainable and modern energy for all.
This joint enterprise aims at tackling some of the most pressing energy challenges faced by regions in Sub-Saharan Africa, South Asia and Southeast Asia.
Confronted with the tasks of decarbonisation and satisfying the escalating energy demands of emerging markets, these challenges are magnified by economic instability and fluctuating energy prices.
Bridging the energy access gap
According to a 2024 report by the International Renewable Energy Agency (IRENA), 685 million individuals still live without electricity — an increase of 10 million from two years prior.
Moreover, approximately 2.1 billion people, predominantly in low-income nations, lack access to clean cooking methods. This shortfall poses significant health and social repercussions, especially affecting women and girls."Progress towards universal energy access has stalled," states Murray Auchincloss, bp's CEO.
"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."
Solving the energy access problem for good
The allocated funds will be overseen by a globally recognised private equity firm known for its impact-driven projects.
Investments will target technologies such as solar home systems, mini-grids, clean cooking solutions and energy storage systems, with the primary goal of enhancing living standards while generating sustainable financial returns and overcoming systemic barriers in underprivileged markets.Equinor's CEO Anders Opedal describes the investment as a crucial step towards expediting the energy transition.
“This joint investment brings together four leading energy companies investing in emerging countries," he says.
"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.”
Collaboration: Bringing benefits to all
The collaboration aims to transcend the provision of electricity and clean cooking facilities.
It is poised to generate local employment opportunities, diminish health hazards linked to traditional cooking methods and foster broader social progress.
For TotalEnergies, these objectives are a continuation of their ongoing commitment.
“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," Patrick Pouyanné, the company’s Chairman and CEO, explains.
"Furthermore, we are committed to investing US$400m 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 growing pressure on energy providers to decarbonise, this multifaceted approach not only addresses immediate needs but also aligns with longer-term climate objectives to support an equitable energy transition.
Shell CEO Wael Sawan underscores the human aspect: "We want to support 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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