In a significant stride towards promoting sustainable living standards in Africa, Vitol and its subsidiary Vivo Energy have unveiled plans to invest over $550 million by 2030. This substantial commitment aims to bolster infrastructure vital for advancing clean cooking solutions across the continent.
The announcement was made during a high-profile summit on clean cooking in Africa, co-hosted by the International Energy Agency, the African Development Bank, and the governments of Tanzania and Norway. The summit convenes global leaders to accelerate efforts towards universal access to clean cooking facilities by 2024.
Russell Hardy, CEO of Vitol, emphasized the multifaceted benefits of clean cooking, highlighting its role in improving public health, empowering women, and mitigating deforestation. He underscored Vitol’s longstanding dedication to promoting clean cooking through carbon projects and investments in LPG infrastructure.
Over the past two decades, Vitol’s initiatives have enabled access to clean cooking for over 10 million households across sub-Saharan Africa. Leveraging Vivo Energy’s extensive presence on the continent, Vitol has deployed 2.1 million efficient cookstoves and facilitated the adoption of safe LPG cylinders in 12 African countries.
Stan Mittelman, CEO of Vivo Energy, echoed Hardy’s sentiments, emphasizing LPG’s pivotal role in Africa’s energy transition. He highlighted recent milestones, including the acquisition of Somagaz LPG business in Mayotte and strategic partnerships to expand LPG activities in Namibia and Reunion.
The collaborative efforts of Vitol and Vivo Energy signify a shared commitment to driving sustainable development in Africa. Through this substantial investment, the stage is set for a transformative journey towards cleaner, healthier, and more resilient communities across the continent.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
15th May, 2024
