The Global Africa Business Initiative (GABI) has announced that its Mission 300 initiative, aimed at providing clean energy access to 300 million Africans by 2030, has made significant progress in Togo, Mauritania, and Ghana. The initiative has expanded energy access to rural and underserved communities through distributed renewable energy solutions such as mini-grids.
This announcement coincides with the release of GABI's Unstoppable Africa 2024 Executive Summary report, which highlights transformative strategies and solutions to reshape Africa's financial narrative and accelerate economic growth. The report emphasizes the vital role of small and medium-sized enterprises (SMEs) in Africa's energy transition and the need to empower these enterprises by bridging gaps in finance and climate action knowledge.
The report calls for the development of an inclusive financing model to address Africa's unique challenges, focusing on concessional financing, attracting private sector investment, and mobilizing domestic resources. It also stresses the importance of African institutions taking the lead in changing global risk perceptions and supporting innovative financial solutions to de-risk projects and secure long-term investments.