More than 1 billion people worldwide still live without access to electricity with most concentrated in Africa and Asia. But energy is crucial for economic and social development. The challenges are greatest in Africa, where more than two thirds of the population is without 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. In 2014, almost 19 percent of the energy consumed worldwide came from renewable sources, according to World Bank data. The transition to a low-carbon energy sector could benefit nearly one in five people worldwide that currently do not have access to modern energy services. 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.
MORE RESOURCES IN POWER:
MORE RESOURCES IN RENEWABLES: