Africa: COP31 - African Development Bank to Co-Lead Global Electrification Finance Initiative

What the report says

Africa’s clean-energy agenda gained new financing support at COP31 in Antalya, Türkiye, where an international coalition was announced to help fund electrification in emerging and developing economies. According to the source article, the new Electrify Now Finance Coalition will be co-chaired from 2027 by the African Development Bank and the World Bank.

The coalition is intended to bring together governments, development banks and private investors to raise money for electricity access and related infrastructure. The report says it is part of COP31’s broader 35-by-35 Global Electrification Pledge, which seeks to raise electricity’s share of global final energy consumption to 35% by 2035, up from about 23% today.

The article also notes that the International Renewable Energy Agency will support developing countries by helping strengthen power grids, prepare investment projects and access financing. Sustainable Energy for All CEO Damilola Ogunbiyi said electrification could support industrialization, job creation, better livelihoods and greater energy independence.

The developments matter for Africa because many countries still face gaps in electricity access and grid capacity. In general terms, the announcement reflects a wider push at climate talks to turn commitments into funded projects, though the article does not provide details on how much money the coalition will mobilize or when specific country programs will begin.