TotalEnergies, BP, Shell, and Equinor have pledged $500m to enhance access to affordable energy, focusing on sub-Saharan Africa and South and Southeast Asia.
The investment, announced during the COP29 climate summit in Azerbaijan, represents 0.7% of the $70 billion net profit the four oil majors collectively earned in 2023.
The funds, managed by an unnamed private equity firm, will support projects across the energy value chain, including domestic solar systems, micro-electricity grids, energy production, logistics, e-mobility, and modern cooking fuels such as liquefied petroleum gas (LPG).
These initiatives address energy access gaps in regions where millions lack reliable infrastructure.
“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,” said BP CEO Murray Auchincloss.
The International Energy Agency estimates over 2.3 billion people still rely on traditional stoves to burn wood, charcoal, or animal dung, contributing to severe health risks.
The companies aim to mitigate these issues by expanding access to cleaner and more sustainable energy solutions.
The $500 million pledge will be distributed over several years through tenders for selected projects. Earlier in 2023, TotalEnergies separately committed $400m to develop LPG for cooking in Africa and India by 2030.
The announcement aligns with broader COP29 goals, which include mobilising $1tn in climate financing to support developing nations. However, details such as the breakdown of individual company contributions remain undisclosed.
