The report looked at how energy access can be delivered more cost-effectively to the people around the world that need it. The International Energy Agency (IEA) estimates that the world must invest $640 billion over 20 years to ensure global energy access, which is 300 to 500 percent higher than current energy access investments. But the Sierra Club argues that many essential energy services can be delivered more cheaply than the IEA estimates. According to the report, a $500 million investment in energy access will be needed over the next two to three years, and that investment will spur a clean energy services market for the poor valued at $12 billion annually.
“Our findings underscore just how large an influence this fast-growing clean energy market can have on global energy poverty,” Justin Guay, Associate Director of the Sierra Club’s International Climate Program, said in a statement. “More importantly, our report emphasizes the need for international institutions, like the World Bank, to put their money where their mouth is by providing the investments required to spur this solar energy revolution.”
The report states that increasing the use of energy efficiency measures can bring down the cost of energy, allowing it to be delivered more cheaply to people around the world. According to the report, measures such as “skinny grids,” which use advances in LED and cheaper, thinner wiring to deliver electricity to people more cheaply, bring down the cost of energy delivery.
Investment in Clean Energy and Efficiency Could Spur a $12 Billion Market
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