Today, 789 million people worldwide still live without electricity, with most concentrated in Africa and Asia. But energy is crucial for economic and social development. The challenges are greatest in Sub-Saharan Africa where over half of the population doesn't have access to electricity.
The private sector plays a critical role not only in bringing people their first power connections, but in helping make existing connections more reliable. Overcoming power shortages is vital to increasing business productivity and growth, creating jobs, and alleviating poverty.
Climate change is a key concern in addressing these challenges. To achieve net-zero emissions by 2050, investments in the energy sector in developing countries need to quadruple to $1 trillion in 2030, according to World Bank data. The global energy landscape is witnessing a major transformation, and renewable energy is playing an increasingly vital role in helping countries develop modern, secure energy systems. Greater reliance on water, wind, solar, biomass and geothermal sources, as well as more efficient energy use, can help create more jobs and foster sustainable economic growth.
The projects listed here illustrate how IFC helps establish partnerships with the private sector to enhance access to electricity, improve supply and distribution, increase energy efficiency, and support a sustainable future.
Learn more about IFC's work in Energy
