Published by Jessica Weisman-Pitts
Posted on November 15, 2024
2 min readLast updated: January 28, 2026
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By America Hernandez
PARIS (Reuters) -Oil and gas majors TotalEnergies, BP, Shell and Equinor pledged on Friday to invest $500 million to increase access to affordable energy, primarily in sub-Saharan Africa, south and southeast Asia.
That is about 0.7% of some $70 billion in net profit the four companies collectively earned in 2023.
The announcement was made on the sidelines of the United Nations COP29 climate summit in Azerbaijan, where discussion has focused on raising $1 trillion in climate finance from richer nations to help developing countries.
A spokesperson for TotalEnergies declined to name the global private equity firm selected to manage the funds, but said the $500 million would be disbursed over several years via tenders for projects along the energy value chain.
That will include domestic solar energy systems, micro-electricity grids, energy production, transport, logistics and storage, e-mobility technologies, and modern cooking fuels such as liquefied petroleum gas (LPG) primarily in sub-Saharan Africa, south and southeast Asia.
The International Energy Agency estimates that more than 2.3 billion people worldwide still cook their meals on traditional stoves burning wood, charcoal and animal dung, leading to health problems.
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 firms did not disclose how much each individual company had pledged.
Earlier this year TotalEnergies announced a separate $400 million investment to develop LPG for cooking in Africa and India through 2030.
(Reporting by Sudip Kar-Gupta. Editing by Clarence Fernandez and Mark Potter)
Energy access refers to the availability of reliable and affordable energy services to all individuals, particularly in underserved regions, enabling them to meet their basic needs and improve their quality of life.
Climate finance involves funding aimed at addressing climate change, including investments in renewable energy projects, infrastructure improvements, and initiatives to reduce greenhouse gas emissions.
Liquefied petroleum gas (LPG) is a flammable mixture of hydrocarbon gases, primarily used as fuel for heating, cooking, and in vehicles. It is stored under pressure in liquid form.
A micro-electricity grid is a localized energy system that can operate independently or in conjunction with the main grid, providing reliable power to a specific area, often using renewable energy sources.
Domestic solar energy systems are solar power installations designed for residential use, allowing homeowners to generate their own electricity from sunlight, reducing reliance on traditional energy sources.
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