{"id":89155,"date":"2025-01-31T00:00:00","date_gmt":"2025-01-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/01\/31\/africa-energy-summit-sees-more-than-usd-50-bn-pledges-for-mission-300\/"},"modified":"2025-01-31T00:00:00","modified_gmt":"2025-01-31T00:00:00","slug":"africa-energy-summit-sees-more-than-usd-50-bn-pledges-for-mission-300","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/01\/31\/africa-energy-summit-sees-more-than-usd-50-bn-pledges-for-mission-300\/","title":{"rendered":"Africa Energy Summit sees more than USD 50 bn pledges for Mission 300"},"content":{"rendered":"

Global lenders have pledged USD 50 bn to fund energy projects in Africa<\/strong>, the African Development Bank said in a press release<\/a> on Tuesday. The Mission 300<\/a> Africa Energy Summit set out to provide 300 mn Africans with electricity, with half of the oncoming power connections stemming from renewable energy sources\u2014namely, wind and solar minigrids, Reuters<\/a> reported. <\/p>\n

Who\u2019s pledging what? <\/strong>The African Development Bank Group (AfDB) and the World Bank have set aside USD 48 bn for the initiative. The French Development Agency also pledged EUR 1 bn, the Asian Infrastructure Investment Bank pledged between USD 1 - 1.5 bn, the Islamic Development Bank Group pledged USD 2.65 bn, and the OPEC Fund pledged at least USD 1 bn. The AfDB and the World Bank also established Zafiri \u2014 an investment outfit focusing on green mini-grids and solar home systems \u2014 to invest up to USD 300 mn in the initial phase and mobilize up to USD 1 bn. <\/p>\n

And AGF to mobilize USD 5 bn: <\/strong>The SMEs funder the African GuaranteeFund\u2019s (AGF) launched a new program \u2014 Mission 300 Local Currency GuaranteeFacility \u2014 to mobilize raise USD 5 bn to finance small and medium enterprises (SMEs) in the renewable energy sector, according to a press release<\/a> published Tuesday. <\/p>\n

There\u2019s more:<\/strong> Denmark, the UK, France, and Spain contributed EUR 13.4 mn, EUR 10.1 mn, EUR 10 mn, and EUR 3 mn respectively to the Sustainable Energy Fund for Africa (SEFA) during the Africa Energy Summit, according to a statement<\/a> on Wednesday. SEFA, managed by the African Development Bank, approved USD 108 mn for 14 projects in 2024 with a portfolio expected to unlock up to USD 15 bn in investments. Japan also pledged USD 5 mn.<\/p>\n

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India ramps up <\/strong>critical minerals investments: <\/strong>India has approved an INR 163 bn (c.USD 1.88 bn) spending plan to develop its critical minerals sector and expects an additional INR 180 bn (c.USD 2.1 bn) of investments from the public sector to secure key resources like lithium, according to a statement<\/a> on Wednesday. The country\u2019s National Critical Mineral Mission includes financial incentives for mineral exploration, fast-tracked permits, intensified search efforts both onshore and offshore, and will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery. <\/p>\n

ICYMI- <\/strong> India was reported last month to be planning<\/a> its first auction of offshore minerals worth USD 17.8 bn for an initial 13 blocks. Seven of the blocks contain polymetallic nodules which contain cobalt, nickel, copper, and manganese.<\/p>\n

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i<\/strong>M3NY <\/strong>files Chapter 11<\/strong>:<\/strong> US lithium-ion battery maker iM3NY<\/a> has filed for Chapter 11 bankruptcy after burning through more than USD 70 mn in equity funding and over USD 125 mn in debt, leaving the company with no operating funds, Bloomberg<\/a> reported on Tuesday. The bankruptcy filing came after its majority owner Magnis Energy Technologies<\/a> faced accusations from Australian regulators for failing to disclose issues at iM3NY\u2019s Endicott battery gigafactory. <\/p>\n

What\u2019s next? <\/strong>The firm has lined up a USD 2.5 mn bankruptcy loan, pending court approval, to sustain operations during the proceedings, and as it mulls its options on whether to sell or restructure its debt.<\/p>\n

Not the first bankruptcy in the Western EV battery market:<\/strong> Swedish battery maker Northvolt filed for Chapter 11 bankruptcy<\/a> in the US last November, grappling with USD 5.84 bn in debt. Despite challenges, major shareholders \u2014 Volkswagen & Goldman Sachs \u2014 voted to continue operations under bankruptcy protection<\/a> earlier this month. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n