During the Second Africa Climate Summit (ACS2) in Addis Ababa, Ethiopia, in 2025, African banks pledged to deliver $100 billion in support of the Africa Green Industrialization Initiative (AGII).

This pledge demonstrates the continent’s collective determination to frame, own, and finance its development agenda.

Through their pledge, leading African financial institutions signalled their commitment to supporting efforts to accelerate sustainable green growth as one of the key promises of the 2023 Nairobi Declaration on Climate Change.

While recognising that the AGII is a relatively new framework, this Policy Brief examines its current objectives and organisational structure and makes recommendations that will, hopefully, contribute to its success.

The Koeberg Nuclear Power Station in South Africa is one such example. Although not MDB-'nanced, Koeberg offers an important lesson: nuclear energy should not be treated by MDBs as a viable pathway for climate or development 'nance, whether through extending the lifespan of ageing reactors or considering new nuclear projects. As the World Bank reopens the door to nuclear power, Koeberg is a stark reminder of the safety, cost, and justice risks MDBs would take on. MDBs should instead prioritise investments that align with just transition principles and deliver genuine bene'ts for communities, particularly women, youth, and the most vulnerable.

This Power Shift Africa briefing critically examines the Mission 300 initiative and calls on its architects to confront the structural causes of Africa’s underdevelopment and financial dependency.