BP, Equinor, Shell, and TotalEnergies have announced a $500 million joint investment to support the United Nations Sustainable Development Goal 7 (UN SDG7), aimed at achieving universal access to affordable, reliable, and sustainable energy. The initiative will target underserved regions such as Sub-Saharan Africa and South and Southeast Asia, addressing critical electricity and clean cooking gaps.

Currently, 685 million people lack electricity, and 2.1 billion do not have access to clean cooking facilities. The energy companies aim to tackle this issue by investing in high-impact projects like solar home systems, mini-grids, clean cooking solutions, and enabling technologies, including e-mobility and energy storage. A global private equity firm specializing in impact investing will manage the initiative, ensuring both social and financial returns.

“This joint investment brings together four leading energy companies investing in emerging countries,” said Anders Opedal, President and CEO of Equinor. “We believe this effort will help close some of the energy access gaps, which is a key part in reaching the global ambition of a just and equitable energy transition.”

BP’s CEO, Murray Auchincloss, highlighted the transformative potential of this collaboration, stating, “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. Over time, we believe it can help to create a more inclusive energy future.”

Shell CEO Wael Sawan noted the collaboration’s ability to address energy challenges, saying, “By working collectively to overcome key energy access challenges, we can achieve sustained impact and drive real change.”

TotalEnergies’ Chairman and CEO, Patrick Pouyanné, emphasized the company’s long-standing commitment to energy access, adding, “Around a third of our development in electricity in the coming years will be in emerging countries... We are committed to investing $400 million in clean cooking solutions, helping 100 million people access healthier, sustainable energy.”

This initiative is expected to create co-benefits, including job opportunities and improved health outcomes, while supporting a just energy transition.