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.
HANDSHAKE #13: POWER
Energy continues to vitally concern us all. The gap between what's being produced and what's needed continues to widen. The PPPs help bring much-needed access to energy to people in all corners of the globe.
GUINEA: ELECTRICITÉ DE GUINÉE
To help address governance issues, old infrastructure, frequent blackouts, and high electricity losses, IFC helped Guinean's national power utility with structuring a performance-based PPP.
INDIA: VADODARA SOLAR
The state of Gujarat has been at the forefront of the solar energy revolution in India. The success of this project helped prove the potential for rooftop solar in the country and encourage Vadodara citizens to adopt the concept.
LIBERIA ELECTRICITY CORP.
For the first time after nearly 20 years of almost no electricity, 1.5 million citizens of Monrovia have access to commercial power services thanks to a management-contract set up with the assistance of IFC and a group of international donors.