Financing of energy projects in Africa fell by $14billion in 2016, according to a report from the Infrastructure Consortium for Africa (ICA).
Established at the 2005 G8 Summit, the ICA is an international NGO that advocates for greater infrastructure development in Africa.
The report shows that public and private investment in energy fell from a historic high of 33.5 billion in 2015 to $20 billion in 2016, including the World Bank, which cut its spending by $800 million.
600 million Africans currently live without electricity, and this number is expected to rise to remain stubbornly unchanged, even by 2030. Investment cannot fall if we are to guarantee secure and affordable energy access to the world’s poorest.
As the World Bank themselves have said, the advantages of universal energy access would bring enormous benefits: 1.5 trillion extra hours of paid work, savings of $38 billion on kerosene and charcoal, and 300 million school-aged children studying in better conditions.