$21 Billion Investment Needed for Off-Grid Solar to Power 660 Million by 2030

Off-grid solar is set to be the most cost-effective solution for providing power to 41% of the global population still lacking energy access by 2030. From 2020 to 2022, this sector accounted for 55% of new connections in sub-Saharan Africa, where over 80% of those without electricity reside.

According to the latest Off-Grid Solar Market Trends Report (MTR) 2024, released by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and GOGLA, a six-fold increase in current investment levels—amounting to $21 billion—is necessary to unlock the full potential of off-grid solar in achieving universal energy access. Without this investment, we risk missing this critical opportunity, with projections indicating that 660 million people will remain without electricity by 2030. “We must rewrite this story,” remarked Qimiao Fan, the World Bank’s Country Director for Kenya, Rwanda, Somalia and Uganda. “Providing access to affordable, clean electricity is critical for lifting people out of poverty on a livable planet, and we must be bold in our commitment to doing so. The World Bank Group has therefore partnered with the African Development Bank to connect 300 million people to electricity across Africa over the next 6 years, under the Mission 300 initiative. Off-grid solar will play a critical role in reaching households, as well as accelerating electricity access for businesses, schools, and health centers, unlocking development across sectors.”

“With the Off-Grid Solar Market Trends Report, off-grid solar is again proven as the most effective route to reach almost 400 million unelectrified people, delivering life-changing energy solutions to power their homes, farms, businesses, and public services. The industry has shown tremendous resilience in challenging macroeconomic conditions. Companies, investors, governments, and development partners need to work together NOW to unlock the $21 billion needed to create a financially sustainable off-grid solar sector, that can scale, serve the hardest-to-reach and help achieve energy access and climate goals and ambitious initiatives like M300.” said Sarah Malm, Executive Director at GOGLA.