TotalEnergies, bp, Equinor and Shell announced at the Conference of the Parties 29 in Baku, Azerbaijan, that they will invest US$500 million (R9 bn) in improving energy access for sub-Saharan Africa and Southeast Asia.

Managed by a global private equity firm, the joint investment will provide access to electricity for communities using a range of technologies such as solar home solutions (including clean cooking), mini grids, e-mobility and energy storage and management systems.

The investment supports the the United Nations Sustainable Development Goal 7, which aims to ensure universal access to affordable, reliable, sustainable and modern energy by 2030.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said a third of TotalEnergies' electricity development will be in emerging economies, providing access to 40 million people.

“Furthermore, we are committed to investing US$400 million in liquefied petroleum gas facilities to develop clean cooking solutions in Africa and India, which will help 100 million people access healthier, more sustainable and more reliable energy.”

Anders Opedal, President and CEO of Equinor, said: “We believe this effort will help close some of the energy access gaps, which is a key part of reaching the global ambition of a just and equitable energy transition.”