World Bank asks nations to step up energy investments

A World Bank report has stated that as many as 1.2 billion people – almost the population of India – don’t have access to electricity and 2.8 billion have to rely on wood or other biomass to cook and heat their homes. The report is first in a series to monitor progress of the three objectives – full energy access, doubling energy efficiency and renewables – of the UN’s Sustainable Energy-for-All initiative.

The multi-agency report has called on the public and private sectors to step up energy investments by at least $600 billion a year until 2030, more than doubling the current estimated $409 billion. The additional $600 billion would include $45 billion for electricity expansion, $4.4 billion on modern cooking, $394 billion in energy efficiency, and $174 billion on renewable energy.