(Ecofin Agency) - An international coalition led by the World Bank and the African Development Bank (AfDB) aims to raise $90 billion to provide electricity to 300 million Africans by 2030. The program focuses on clean energy solutions.

The Rockefeller Foundation, Global Alliance for People and Planet, and Sustainable Energy For All have announced their support for the initiative. These organizations will provide technical assistance, evaluate and select projects for funding, and work with governments to implement necessary reforms for green energy infrastructure. The program is called "Mission 300."

The coalition seeks to pool resources from public, private, and philanthropic funds to speed up electrification efforts. Currently, 600 million people in Africa still lack access to electricity. The program will prioritize clean energy, using technologies such as mini-grids.

Back in April, during meetings in Washington, the World Bank committed $25 billion, while the AfDB pledged $5 billion to the initiative. Additional fundraising is expected at the upcoming International Development Association meeting in Seoul in December. A summit on this initiative will be held in Dar es Salaam, Tanzania, in January.

The International Monetary Fund (IMF) may also contribute through its Resilience and Sustainability Trust, which has received much of the $100 billion in Special Drawing Rights allocated by developed nations to developing countries.

Mission 300 could draw inspiration from the Rockefeller Foundation's past efforts and the Global Alliance for People and Planet, which was co-created in 2021 with the Bezos Earth Fund and the Ikea Foundation. These organizations have already deployed $10 million to support 15 projects in 11 African countries.