At the summit, more than a dozen African heads of state will sign unprecedented energy compacts agreeing to:
- Build power infrastructure that prioritizes low-cost renewable energy when cost-effective;
- Increase the trading of electricity across borders to further bring down the cost of electricity;
- Deploy distributed renewable energy systems to increase energy access and clean cooking, so that people who live far from the power grid also can have electricity;
- Commit to reforms and provide financial incentives, such as tax exemptions, to attract billions of dollars of private investment; and
- Strengthen their utilities so that they can cover their costs of operations.
In return, the World Bank and AfDB, with support from The Rockefeller Foundation, the Global Energy Alliance for People & Planet, and Sustainable Energy for All, are committing an equally unprecedented amount of low-cost concessional capital to help the African countries deliver on their commitments.
We are forming a diverse partnership to achieve these ambitious goals. Together, we will build the infrastructure, bring down the cost of electricity, increase incomes, and solve the most solvable, yet most critical, of the world’s development problems.
We have been successful in bringing electricity to remote areas all over the world over the last few decades. It’s Africa’s turn.