A new report from IFC, a member of the World Bank Group, has identified a $37 billion opportunity for the private sector to improve energy services for people who live in relative poverty.
The report â€œFrom Gap to Opportunity: Business Models for Scaling Up Energy Access,â€ was released at the United Nations Conference on Sustainable Development last week. Published in partnership with the government of Austria, it breaks new ground by estimating the market for energy services offered at the household level to low-income people.
It also profiles companies with innovative business models and explores in detail what it takes for them to succeed.
â€œAcross the world, people spend more than $37 billion a year on kerosene for lighting and biomass used in open fires or traditional cooking stoves that pollute the environment,â€ said Rashad Kaldany, IFCâ€™s Vice President for Global Industries.
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Millions of people retire in poverty - but it doesnt have to be this way!