World Bank commits more billions to revamp clean energy sector

By The Inspirer writer.

Following public outcry, the World Bank has reiterated commitment to spending a whooping annual investment of over USD2 Billion to support enhancement of the clean energy sector with special emphasis on off-grid cooling systems.

This move is inspired by mostly the ongoing effects of COVID-19 that have had a toll on almost everything especially the education and Health sectors globally.

Speaking during the 7th edition of the off-grid solar Forum in Kigali, Sameer Shukla, Advisor, Energy Sector Management Assistance Program at the World Bank explained the decision.

“During the pandemic it became very urgent for governments to be able to acquire and distribute vaccines. It became apparent to us that a special focus should be put on solar cooling systems. That’s how a unique approach has been crafted,” he disclosed.

Shukla admitted that financial resilience for off-grid solar is more important now than ever before.

“Even though the negative effects of the pandemic are on a decline, other productive uses of the cooling system have also become prominent,” he said.

According to the market trends report 2022, there is growing need from other productive uses that positively impact other sectors such as agriculture.

An estimate of about 40% of agricultural produce in Sub-Saharan Africa goes to waste due to lack of convenient preservation methods.

For the last 7years only USD2.6billion has been provided. The target is to dispense at least USD 2 Billion making it USD 16 billion for the next 8years.

Shukla explains that this is in line with the global aim of accelerating the development of off-grid solar market as a contributing factor in achieving universal energy access by 2030.

Through the Lighting Global Program, the World Bank provides a platform for the off-grid solar sector to upscale globally by providing direct financial support to the global association for the off-grid solar energy industry (GOGLA).

An opportunity to exchange ideas, networking and showcase related products is organized periodically and this year it was held in Kigali from 18th to 20th October 2022.

The event, organized by GOGLA, seeks to establish and support the status of the off-grid solar sector market globally.

With appropriate interventions, universal access to energy paves way for development because of reliable, adequate and affordable energy services.

Over time, national and international efforts have yielded impressive results in access to modern energy yet over 620 million people will still not have access to electricity by 2030.

Koen Peters, the Executive Director at GOGLA says that off-grid renewable energy solutions, stand-alone systems and mini-grids will play a crucial role in achieving universal access to modern energy in a timely and sustainable manner.

“To accelerate the pace of off-grid renewable energy deployment, many different pre-conditions must be met. We work on different fronts through various platforms, collaborations and capacity building activities,” he said.

Bringing together different experiences and best practices, GOGLA contributes to the design and implementation of enabling policies, applicable financing schemes, and innovative business models.

With this high and advanced rate of various technology applications, timely universal access to modern energy is surely not a far-fetched dream.

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