bp, Equinor, Shell and TotalEnergies join forces to help increase access to energy

BP, Equinor, Shell, and TotalEnergies have pledged to invest $500 million jointly to advance the United Nations' Sustainable Development Goal 7 (UN SDG7). This goal focuses on ensuring universal access to affordable, reliable, sustainable, and modern energy. Their collaboration aims to make a significant impact on energy access in key regions over the coming years.

Global progress toward universal energy access has stagnated, hindered by recent economic disruptions and rising energy costs. In 2022, the number of people without electricity increased by roughly 10 million, reaching 685 million. Furthermore, around 2.1 billion people, primarily in sub-Saharan Africa and Southeast Asia, still lack access to clean cooking facilities. This shortfall disproportionately affects women and girls, who are often burdened with domestic responsibilities.

“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.”

- Murray Auchincloss, CEO of bp 

BP, Equinor, Shell, and TotalEnergies have joined forces to tackle energy access challenges, committing $500 million to support impactful projects in underserved regions, particularly in sub-Saharan Africa, South Asia, and Southeast Asia. Their goal is to improve access to electricity and clean cooking solutions for millions, focusing on initiatives like solar home systems, mini and metro grids, clean cooking technologies, and innovations such as e-mobility, energy storage, and management systems. This effort aligns with UN SDG 7, with the added potential to create jobs and enhance health outcomes.

A global private equity firm with a proven impact investing track record has been appointed to manage the fund. Leveraging their expertise, the firm will strategically allocate resources to achieve both social impact and financial returns. They will collaborate with governments, international organizations, financial institutions, the private sector, civil society, and philanthropic entities, providing technical support, sharing insights, and addressing barriers to market development.

Murray Auchincloss, CEO of bp commented: “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.”

Anders Opedal, President and CEO of Equinor commented: “This joint investment brings together four leading energy companies investing in emerging countries. 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.”

Wael Sawan, CEO of Shell commented: “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.”

Patrick Pouyanné, Chairman and CEO of TotalEnergies commented: “At TotalEnergies, we are deeply committed to making energy accessible to all. 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. Furthermore, we are committed to investing 400 million dollars 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 this new joint initiative with our peers, we are activating another lever to contribute to high-impact local projects to help achieve the United Nations Sustainable Development Goal 7 by 2030.”