UK charity Shell Foundation and US based International Development Finance Corporation are collaborating to bring affordable renewable energy to more than 5 million people in low-income areas of Africa and Asia by 2025.

The two organisations signed a memorandum of understanding (MOU) to enhance their ability to support the growth of social enterprises that deliver essential renewable energy services to people living on $2 to $10 a day in off-grid areas. All with the aim of enhancing income, education, health and women’s economic empowerment.

In a DFC press release, the company says more than 800 million people worldwide currently lack electricity, and 2,8 billion more people have unreliable access. This constrains recovery from the COVID-19 pandemic and long-term economic growth. This collaboration seeks to address the lack of investment into innovative small and medium-sized enterprises, particularly those owned by, led, or supporting women, that can address this challenge.

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Source: EsiAfrica