$21bn increase in off-grid solar investment needed to facilitate universal energy access

A $21-billion increase over current investment levels is required to realise the off-grid potential of solar power to contribute to universal energy access, according to the latest ‘Off-Grid Solar Market Trends Report’ (MTR) 2024, published on October 8 by the World Bank’s Energy Sector Management Assistance Programme (ESMAP) and the Global Off-Grid Lighting Association (Gogla).  The report shows that investment into the off-grid solar sector reached a high of $1.2-billion during 2022/23 period, largely driven by debt financing. Under the current trajectory, 660-million people are projected to still be without electricity by 2030, and a six-fold increase in solar investment is required to resolve this issue.