Mission 300: $90B Initiative for African Electrification

The World Bank and African Development Bank have launched 'Mission 300', a $90 billion initiative to provide electricity to 300 million Africans by 2030, addressing a significant portion of the global energy deficit. Recent funding pledges amount to over $8 billion from entities like the Islamic Development Bank and the Asia Infrastructure Investment Bank. Despite the high costs, this initiative is deemed essential for economic development and aims to create new jobs and improve living standards by increasing access to electricity and clean cooking energy. African nations, facing economic constraints, have committed to regulatory reforms to attract investments. The project is supported by multilateral development banks, development agencies, and private investors, with contributions from the World Bank and AfDB expected to grow during implementation. International Day of Clean Energy emphasizes the importance of renewable energy in combating climate change, aligning with the goals of Mission 300.