ANTALYA, Türkiye, , November 10 (IPS) – Africa’s transition to clean energy received a potential boost at COP31 with the announcement of a new international financing coalition, co-chaired by the African Development Bank (AfDB) and World Bank from 2027.
The Electrify Now Finance Coalition will bring together governments, development banks and private investors to mobilise funding for electrification in emerging and developing economies.
The initiative forms part of COP31’s ambitious 35-by-35 Global Electrification Pledge, which aims to increase electricity’s share of global final energy consumption from approximately 23% to 35% by 2035.
The International Renewable Energy Agency (IRENA) will also support developing countries in strengthening electricity grids, preparing investment projects and accessing finance.
Highlighting the economic opportunities for Africa and other developing regions, Sustainable Energy for All CEO Damilola Ogunbiyi said, “Electrification presents an opportunity to industrialise, create jobs, improve livelihoods and strengthen energy independence.”
The announcements come as COP31 President Murat Kurum calls for an “Implementation COP”, where climate commitments translate into tangible results.
“Now our promises must be backed by capital. That capital must fund investment. And that investment must deliver results,” Kurum said.
For Africa, the challenge will be ensuring that these initiatives translate into accessible financing, expanded electricity infrastructure and affordable clean energy.
IPS UN Bureau Report
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