M300 Initiative: Weighing the outcomes & future plans

Last week, the city of Dar es Salam hosted a monumental summit where 25 heads of state, along with various world leaders, pledged over 50 billion dollars to help connect 300 million Africans to electricity by the year 2030 through the Mission 300 Initiative. This initiative, led by the World Bank and African Development Bank, has set an ambitious target never seen before in the continent. The Rockefeller Foundation's Mission 300 Accelerator has been established to drive this massive effort, with Andrew Herscowitz at the helm. Herscowitz recently sat down with CNBC Africa to discuss the outcomes of the summit and the future plans of the initiative. The initiative projects that approximately 90 billion dollars will be needed to achieve this electrification goal. New pledges totaling about 8 billion dollars were secured during the summit, showcasing a strong commitment from various stakeholders to make this vision a reality. The primary focus now shifts towards the implementation phase and the operational intricacies of the Mission 300 accelerator. To succeed in this monumental task, the collaboration of governments, financial institutions, philanthropic organizations, and the private sector is crucial. The scope of work for the accelerator involves building on the existing project pipeline of the World Bank and African Development Bank, which includes 130 projects spread across the continent. However, it is essential to ensure that these projects stay on track and are executed efficiently. Philanthropic organizations like the Rockefeller Foundation and the Global Energy Alliance for People and Planet are stepping in to support and facilitate the efforts of the public institutions. One key aspect that will determine the success of the initiative is the involvement of the private sector. Attracting private capital into the initiative is vital for achieving the electrification targets effectively. The World Bank and African Development Bank are offering concessional financing of 30 to 40 billion dollars, aimed particularly at the low-income countries in Africa. This unprecedented move is set to redefine the global financial architecture and provide the necessary financial support for the development of these countries. The initiative does not only focus on providing access to electricity but also aims to create jobs and stimulate economic growth by leveraging electricity as a key input. The Rockefeller Foundation's Mission 300 Accelerator is drawing from past experiences, such as the Power Africa Initiative, to ensure the success of the current electrification drive. By providing technical assistance projects, creating fellowship programs, and supporting initiatives like Sustainable Energy for All, the accelerator is gearing up to facilitate the implementation process and avoid potential pitfalls. One of the critical mechanisms in place to ensure accountability and track progress is the National Energy Compacts signed by 12 governments and 25 heads of state. These compacts outline specific reforms needed to advance the electrification agenda. The Mission 300 initiative is taking a detailed and transactional approach to monitor and support each reform commitment made by the governments. By identifying key enablers and ensuring the smooth execution of these reforms, the initiative aims to hold governments accountable and drive real progress towards the electrification goal. The road ahead is challenging, but with collective efforts and strategic partnerships, the Mission 300 Initiative stands as a beacon of hope for millions of Africans eagerly awaiting access to electricity.