Huge cash shortfall stopping electricity reaching world’s poor
Finance for electrification of developing countries is flowing at less than half the rate needed to achieve the global goal of universal access by 2030.
That was the conclusion of analysis by Sustainable Energy for All (SE4All) launched on the sidelines of the UN general assembly in New York on Monday.
The UN initiative estimates it will take $45 billion of investment a year to bring power to every home worldwide, one of the internationally-agreed sustainable development goals. More than a billion people have no electricity supply, mostly in sub-Saharan Africa.
Yet in 2013 and 2014, the annual total flowing from governments, multilateral development banks and the private sector to the 20 priority countries averaged $19.4bn.
CIFOR