The COP29 Presidency attended the Mission 300 Africa Energy Summit in Tanzania, a landmark gathering for governments, private sector leaders and development partners to advance the ambitious goal of providing electricity access to 300 million by 2030.

For 2 days event, multilateral development banks, including the World Bank, the African Development Bank, the Islamic Development Bank, the Asian Infrastructure Investment Bank and OPEC Fund etc. committed to channelling over $50billion towards the Mission300 project.

At the summit, Mr Babayev engaged in key discussions on advancing energy access and accelerating the shift to renewable energy in Africa. He emphasised the role that the commitments made at COP29 could play in achieving this goal. This includes the Baku Finance Goal, which aims to mobilise $1.3 trillion in climate finance, and the COP29 Action Agenda global energy storage and grids pledge, to increase global energy storage capacity by six times by 2030.

Speaking engagements:

• Delivered remarks at a panel on the role of international partners in accelerating the energy transformation, highlighting the role that the Baku Finance Goal can plan in meeting the clean energy investment needs of Africa’s rising populations

Bilateral meetings:

• Meeting with UN Deputy Secretary General Amina Mohammed
• Meeting with Mr Jin Liqun, President and Chair of the Asian Infrastructure Bank
• Meeting with Hussain AlNowais, Chairman of AMEA Power
• Meeting with Ms Angellah Kairuki, special advisor to president on clean cooking and community development of Tanzania and Dr. Richard Muyungi
• Meeting with Ms AngellahKairuki, special advisor to president on clean cooking and community development of Tanzania 
• Meeting with Dr Muhammad Al Jasser, President of the Islamic Development Bank etc. 

The COP29 Baku Finance Goal, which aims to mobilise $1.3 trillion in climate finance, remains central to all discussion and requires cooperation from all key stakeholders including multilateral development banks, governments, donors, and the private sector.

The COP29 Presidency recognises that the active engagement of African governments was critical to collective success at COP29 and attendance at this important event signals Azerbaijan’s continued commitment to championing the needs of Africa on the world stage.

Summary of key financial commitments:

• Multilateral banks pledged over $50 billion towards the Mission300 project that will connect at least 300 million Africans to energy by 2030
• The World Bank committed to $22 billion, while the AfDB will give $18.2 billion through concessional loans
• The IDB pledged the highest amount yet, of $2.65 billion to be committed directly to the goal
• The AIIB and OPEC pledged $1 billion towards Mission 300 respectively