The African Development Bank (AfDB) has reiterated its commitment to boosting investments in Africa’s energy sector and scaling up climate financing through its newly launched “Mission 300 initiative” ahead of COP30.
AfDB Vice-President, Nnenna Nwabufo, made this known in a statement on the bank’s website at the 2025 Finance in Common Summit.
She stressed the need for urgency to address energy access challenges, particularly in Sub-Saharan Africa, where 600 million people remain without electricity.
She underscored the critical role of Local Finance Institutions (LFIs) in bridging the energy financing gap and promoting sustainable solutions.
“LFIs are the lifeblood of our economies, possessing a unique understanding of local contexts, needs, and opportunities.
“They are essential for mobilising the necessary capital, fostering local entrepreneurship, and scaling sustainable energy projects,” she said.
Nwabufo highlighted that Mission 300, backed by the World Bank, AfDB, and other development partners was aimed at providing electricity access to 300 million Africans by 2030.
”The initiative builds on commitments made during the Mission 300 Energy Summit in January, where 48 African Heads of State pledged to accelerate policy reforms and 12 countries outlined National Energy Compacts,” she said.
In spite of significant progress, she said financing remained a major challenge, particularly for last-mile connectivity and off-grid solutions.
Nwabufo said that experts at the summit underscored the need for innovative financing models, concessional funding, blended finance, and risk-mitigation mechanisms to attract private investment.
“Traditional financing models often fall short in meeting the specific needs of local communities and small-scale energy project, this is where LFIs, with their local expertise, can make a transformative difference,” she added.
With the Mission 300 initiative gaining momentum, stakeholders remain optimistic that concerted efforts and strong partnerships will drive Africa toward universal energy access by 2030.
By Lucy Ogalue