Today, 789 million people around the world still lack access to electricity, with the majority concentrated in Africa and Asia. Energy is essential for both economic and social development, and the challenges are most severe in Sub-Saharan Africa, where over half of the population remains without power.
The private sector is key in providing initial electricity connections and improving the reliability of existing ones. Overcoming power shortages is crucial for boosting business productivity, creating jobs, and reducing poverty.
Addressing these energy challenges is closely tied to climate change. To reach net-zero emissions by 2050, investments in the energy sector in developing countries must increase to $1 trillion by 2030, according to World Bank data. As the global energy landscape transforms, renewable energy plays a critical role in building modern, secure energy systems. Expanding the use of water, wind, solar, biomass, and geothermal energy, along with improving energy efficiency, can drive job creation and support sustainable economic growth.
The projects highlighted here demonstrate how the IFC collaborates with the private sector to expand electricity access, improve supply and distribution, enhance energy efficiency, and pave the way for a sustainable energy future.
Learn more about IFC's work in Energy
