An additional $191B spend on off-grid solar and microgrids can deliver universal access to renewable power by 2030, according to Bloomberg New Energy Finance.
Around 14% of the global population live without electricity and Bloomberg NEF says that, on current trajectories, while flexible systems can help reduce this by 2030, there will still be hundreds of millions left in the dark. Its Powering the Last Billion report calls for an increase in investment in these technologies to help bridge the gap and achieve UN Global Goal 7.
“In our base case scenario, some 365 million people would remain unserved by 2030 despite a dramatic increase of microgrids and solar home systems. Reaching universal access and serving everyone with slightly more than just lighting would require spending an additional $191 billion on top of our current base case. The total, some $353 billion, is less than half than of the estimate by the International Energy Agency, which pegged the figure at some $725 billion. The IEA broadly agrees with our view on the crucial role of microgrids and solar home systems, but appears to assume costs well above those we already see in the market,” blogged Itamar Orlandi, Head of Frontier Power Research at Bloomberg NEF.