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    EU Parliament hears from Mark Carney on fostering strategic cooperation with Canada

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    • EU Parliament hears from Mark Carney on fostering strategic cooperation with Canada
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    Home » Renewable energy investment in Africa surges with EU-World Bank support
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    Renewable energy investment in Africa surges with EU-World Bank support

    March 6, 2025
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    The European Commission and the World Bank Group have announced a strategic partnership to accelerate energy access in Africa, aligning their respective initiatives to drive renewable energy deployment across the continent. European Commission President Ursula von der Leyen and World Bank Group President Ajay Banga confirmed the collaboration in Brussels, integrating the EU’s Scaling Up Renewables in Africa initiative with the World Bank’s Mission 300, which aims to provide electricity to 300 million people in Africa by 2030.

    Renewable energy investment in Africa surges with EU-World Bank support

    With approximately 600 million people in Africa still lacking access to electricity, the initiative underscores the urgent need for coordinated investment in sustainable energy infrastructure. The partnership aims to address growing energy demand, stimulate job creation, and support economic development by expanding the continent’s renewable power capacity. The Scaling Up Renewables in Africa campaign, launched by von der Leyen and South African President Cyril Ramaphosa in November 2024, focuses on mobilizing public and private sector investment for clean energy projects.

    Von der Leyen emphasized the commitment to advancing Africa’s clean energy transition, stating, “We are on a mission to power Africa with clean energy. Last November, we launched the Scaling Up Renewables in Africa campaign to accelerate investment in this sector. Today, we take it further by joining forces with the World Bank to drive renewable energy deployment and deliver sustainable power to millions.”

    Addressing Africa’s energy crisis through global partnerships

    Banga highlighted the economic and social impact of expanding electricity access, describing it as essential for job creation and sustainable growth. “Electricity is more than power it’s the foundation of jobs, opportunity, and economic growth. Mission 300 is about ensuring 300 million people gain access to reliable, affordable electricity so small businesses can thrive and young people are equipped for the jobs of the future,” he said.

    The World Bank’s Mission 300, launched in April 2024 in collaboration with the African Development Bank (AfDB), unites governments, the private sector, and philanthropic organizations to enhance energy access. It aims to improve utility efficiency, attract private investment, and promote regional energy integration. Key supporters of the initiative include The Rockefeller Foundation and other global development partners. By aligning Mission 300 with the Scaling Up Renewables in Africa campaign, the European Commission and the World Bank seek to strengthen financial support for renewable energy projects.

    This collaboration is expected to culminate at the G20 Leaders’ Summit in South Africa in November 2025, where commitments made under the European initiative will contribute directly to the objectives of Mission 300. The joint effort underscores a broader global push to bridge Africa’s energy gap through sustainable solutions, reinforcing the role of international partnerships in driving long-term economic and environmental progress. – By EuroWire News Desk.

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