Four major oil companies - the French TotalEnergies, the British bp and Shell, and the Norwegian Equinor - have announced a joint investment of 500 million dollars aimed primarily at projects in sub-Saharan Africa and in southern and southeastern Asia, with the purpose of contributing to one of the sustainable development goals.
In a joint statement, the oil companies expressed that this fund will focus on projects aimed at providing access to electricity and better cooking options in underserved communities. The goal is to implement a variety of solutions, which will include domestic solar systems, microgrids, electric mobility technologies, energy storage and management, as well as "clean cooking" solutions.
These initiatives are aligned with the seventh United Nations sustainable development goal, which seeks to ensure access to affordable and clean energy for all. The announcement of these investments, by companies with high greenhouse gas emissions generation, comes as COP29 is taking place in Azerbaijan, with the aim of reaching global agreements to combat climate change.
