Renewable Energy

Description

Renewable energy programs support cleaner air and increase energy access and security in low-income countries. They mitigate global climate change by reducing greenhouse gas emissions.

Use of Funds

Funds support the infrastructure needed to reduce carbon emissions and install clean energy systems—including wind and solar—and the transmission capacity to integrate the sources into energy grids. Funds also support cookstove programs and other in-home technologies that reduce carbon emissions.

Justification

• Energy systems represent 76% of global greenhouse gas (GHG) emissions. Within the energy sector, the largest amount of GHG emissions (32%) is related to electricity and heat generation.
• Currently, only 28% of total energy production comes from renewable resources. To achieve net-zero emissions by 2050, annual clean energy investment worldwide must triple by 2030 to around $4 trillion.
• There are currently 759 million people without access to electricity. Renewable energy programs are critical in mitigating the amount of GHG emissions projected to be produced by new energy consumers.
• Since the launch of Power Africa in 2013, more than 88 million people in sub-Saharan Africa have access to electricity for the first time. Power Africa’s “Beyond the Grid” finances non-traditional renewable energy projects and has leveraged $315 million for off-grid renewable energy projects for remote communities.