COP31 coalition aims to draw investment into electricity grids

Wednesday 11th November 2026

By inAfrika Newsroom

Governments, development banks and finance organisations launched the Electrify Now Finance Coalition at COP31 in Antalya on 10 November. The group will help developing countries prepare electricity projects for investment, address regulatory barriers and find ways to reduce financing risks.

The World Bank Group will co-chair work on the coalition’s programme in 2027, working with the COP31 presidency, incoming COP32 host Ethiopia and other partners. The initiative is due to run through COP33 in 2028. The African Continental Free Trade Area, Climate Investment Funds and Sustainable Energy for All are among the organisations listed at launch.

At the same event, the Climate Investment Funds outlined $94 million for five investments intended to mobilise more than $1.2 billion in private capital. The portfolio covers clean power, grids, storage and electrification in developing countries. One proposal allocates $15 million in junior equity for a South African grid guarantee vehicle, which the organisers estimate could help attract around $253 million in private capital.

The United Kingdom separately announced $4 million in technical support for the East Africa Power Pool through a World Bank programme. It also outlined $2 million for work in Tanzania on the conditions for private investment in renewable generation and transmission. Ethiopia announced a partnership focused on preparing projects and mobilising finance for its national electrification plan.

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