By Faridat Salifu
The African Development Bank (AfDB) has renewed its commitment to unlocking climate finance and accelerating energy access across Africa, as it took center stage at the 2025 Finance in Common Summit held this week.
The two-day summit, which convened on May 2 and 3, brought together government leaders, local finance institutions (LFIs), development banks, and private investors in an urgent push to close the energy access gap ahead of COP30.
Held against the backdrop of growing pressure to deliver tangible climate action, the summit featured two high-level roundtable discussions. During the first session, which focused on Africa, AfDB Vice President Nnenna Nwabufo emphasized the Bank’s recently launched Mission 300 initiative—a bold plan to connect 300 million Africans to electricity by 2030.
With over 600 million people in Sub-Saharan Africa still living without power, the urgency was clear. “LFIs are the lifeblood of our economies,” said Nwabufo, who moderated the Africa-focused session. “They understand local challenges and opportunities better than anyone and are essential to scaling sustainable energy projects that meet community needs.”
The roundtable brought together local and national government officials, utilities, and leaders from the private sector to explore how to remove investment roadblocks. Attendees discussed financing constraints, shared success stories, and examined innovative mechanisms to de-risk energy projects—including concessional loans, blended finance, and public guarantees.
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The AfDB’s Mission 300 effort, launched in January during a dedicated energy summit, has already garnered substantial political momentum. Forty-eight African heads of state have pledged support, and twelve countries have presented National Energy Compacts outlining clear policy targets for universal access.
Despite progress, financing remains a major barrier—especially for last-mile and off-grid solutions. According to the AfDB, an estimated $170 billion is needed to meet universal energy access goals by 2030. Public development banks and LFIs are expected to play a pivotal role in mobilizing this capital, particularly in underserved communities.
Private sector actors also stressed the importance of early-stage support. Hélène Demaegdt, founder of Gaia Energy Impact, highlighted the role of impact investment in getting renewable energy projects off the ground. “Blended finance and risk-sharing mechanisms are key to unlocking private capital. Without them, many promising innovations never reach scale,” she said.
While Africa dominated the opening discussion, the second roundtable shifted focus to Latin America and the Caribbean. Experts from Brazil, sovereign wealth funds, and institutional investors discussed how development banks in the region have pioneered climate finance strategies that Africa and other emerging markets could adopt.
Brazil’s Tatiana Rosito, Secretary for International Affairs at the Ministry of Finance, spotlighted initiatives such as the Brazil Climate and Ecological Transformation Investment Platform (BIP) and Eco Invest Brazil, which are helping the country build a pipeline of investable green projects. “As we head to COP30, we are looking at every possible lever—public, private, and philanthropic—to ensure we deliver results,” she said.
The message from both sessions was clear: COP30, set to take place later this year, must be an “accountability COP.” Mafalda Duarte, Executive Director of the Green Climate Fund, underscored the need for action over announcements. “We need to show the world we are focused on results—on real partnerships, real capital, and real change.”
Nwabufo closed the summit with a call to redefine global perceptions around financing Africa’s energy future. “Africa’s climate transition is not a burden—it’s a massive investment opportunity. We must demonstrate that financing Africa’s resilience isn’t charity. It’s smart economics, for Africa and for the world.”
