System Value Can Power the Energy Transition in Emerging Markets
The energy transition is more pressing than ever – and as governments look to economic recovery in the wake of COVID-19, they are recommitting to their energy transition plans and investing to drive faster progress.
But different countries are starting from very different baselines. One example is varying levels of electricity access; close to 900 million people are still without reliable access to electricity, while Sub-Saharan Africa’s access to electricity rate is around 45%. Plus, the lion’s share of energy demand growth will come from emerging markets over the next decade.
In these markets, significant investment is needed to fund this extra power generation capacity. But energy must also remain affordable, given its importance in driving economic growth and providing a basic standard of living. An orderly transition is needed – one that balances the imperatives of energy transition, sustainability and economic justice.
Photo courtesy of andreas160578.