World Bank (WB) estimated that to meet the energy access target in 2030, the world requires an investment of US$1.35 trillion, mainly to fulfill and electricity access to 8% or 650 million people from the global population. Some 90% of them will be in sub-Saharan Africa.
It said, now level of current global electrification reaches 89%. And since 2010, number of people without access to electricity fell to around 840 million, compared with 1 billion in 2016 and 1.2 billion in 2010.
But the report showing that the increase in energy intensity tended to be less than the Sustainable Development Goal 7 (SDG7) target, so most potential benefits were not realized. Given current and planned policies, the increase in energy intensity is projected to be 2.4% on average per year between 2017 and 2030.
According to the scenario of the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), investment in the energy sector associated with all SDG7 targets needs to be more than doubled to achieve this goal.
Between 2018 and 2030, the annual average investment will need to reach around US$55 billion to expand energy access, around US$700 billion to increase renewable energy and US$600 billion to improve energy efficiency, it said.