15/04/2020
As COVID-19 continues to make its way through Africa, this global pandemic poses a huge threat to the off-grid energy sector and the millions of customers it serves. Access to energy is the trigger for economic growth as it powers sustainable development by providing opportunities not previously possible.
The virus has changed the world in just a few weeks. Research by GOGLA, the global association for the off-grid solar energy sector, recently found that 50% of off-grid companies could be in serious financial trouble if the COVID-19 crisis lasts for more than three to four months. This would plunge millions of people back into energy poverty, once again cut off from the opportunities provided by clean, reliable and affordable electricity.
As such, investors, DFIs and donors will need to establish solutions to match this speed. Those with the funds operating in the impact space need to step in and provide support to off-grid companies, providing such vital services. Alongside this, access to capital must remain strong and fast. We need to partner across the globe to accelerate subsidies to customers even quicker. We need this not only survive this crisis but to help combat and fight the inevitable increase in poverty as a result of this pandemic.
extract from CNBCAfrica
