Stakeholders across the globe should adopt an investment agenda of US$21 billion to realize the potential of “off-grid” solar energy, contributing to universal access to energy.
This estimate comes from a new report by the Energy Sector Management Assistance Program (ESMAP), in partnership with the World Bank and the Global Off-Grid Lighting Association (GOGLA).
Entitled “Off-Grid Energy Market Trends Report 2024”, the source notes that mini-grids would have the potential to supply electricity to 500 million people by 2030.
In the opinion of the report’s authors, off-grid solar power is the most cost-effective way to provide electricity to 41% of the world’s people who still have no access to electricity by 2030, and the sector has already secured 55% of new connections in sub-Saharan Africa between 2020 and 2022, where more than 80% of the non-electrified population lives.
Without concrete action, the current trajectory is likely to persist, leaving 660 million people without electricity by 2030.
Despite galloping inflation and extreme currency devaluations, among other factors, over 50 million off-grid solar products were sold in 2022 and 2023.
Market sales reached USD 3.9 billion in 2022 and USD 3.8 billion in 2023.
Flory Musiswa