World Bank and African Development Bank Launch Electrification Coalition

The World Bank Group and the African Development Bank will co-chair the Electrify Now Finance Coalition beginning in 2027. Announced during the COP31 climate summit in Antalya, Türkiye, the initiative seeks to mobilize funding from governments, development banks, and private investors to expand power access for 600 million people in sub-Saharan Africa.

COP31 President Murat Kurum described the summit as an "Implementation COP," stating that climate promises must be backed by capital to deliver results. This sentiment was echoed by COP31 President of Negotiations Chris Bowen, who noted that ambition must be supported by investment and infrastructure. Damilola Ogunbiyi, CEO of Sustainable Energy for All, added that electrification provides a path toward industrialization and energy independence for developing regions.

African delegates are currently leveraging reserves of cobalt, lithium, and graphite to secure investments for domestic processing and infrastructure. However, negotiations have seen early friction, including a failed consensus on a proposal to triple adaptation finance. Meanwhile, Ethiopia is utilizing the summit to prepare for hosting COP32 in Addis Ababa in 2027, with Foreign Minister Gedion Timothewos calling for the closure of financing gaps and faster implementation of climate commitments.