700 Million People Still Live Without Electricity. Here’s the Fix | Jacqueline Novogratz | TED

Overview

Jacqueline Novogratz, CEO of Acumen, presents a transformative plan to bring off-grid solar electricity to 700 million people still living without access to power. She highlights the profound social, economic, and environmental benefits of electrification, emphasizing the need for innovative financing and moral imagination to address this global challenge.

Notable Quotes

- Electricity isn’t just about light. It’s about communication during floods, irrigation during droughts, and cooling medicines during heat waves. – Jacqueline Novogratz, on the multifaceted impact of energy access.

- Climate finance isn’t scarce. It’s scared. – Jacqueline Novogratz, critiquing the underinvestment in off-grid solar solutions.

- In 100 years, will they say we brought dignity to everyone, or wonder how we left hundreds of millions behind? – Jacqueline Novogratz, on the legacy of addressing energy poverty.

🌍 The Scale of Energy Poverty

- 700 million people globally still lack access to electricity, relying on dangerous and expensive fuels.

- Vulnerable populations, particularly in countries like Burundi (11% electrification rate) and Chad (12%), are disproportionately affected.

- Electricity is foundational for resilience, enabling communication, irrigation, refrigeration, and economic empowerment.

☀️ The Promise of Solar Energy

- Solar energy has halved the number of people without electricity since 2007, with off-grid solutions playing a key role.

- Innovations in solar technology have expanded from basic lighting to powering televisions, cookstoves, irrigation systems, and electric motorbikes.

- Personal stories, like Susan’s in Africa, illustrate how solar energy transforms lives by reducing fear, improving education, and fostering connection.

💰 The Financing Gap

- Despite $2 trillion allocated globally for clean energy transitions, less than $800 million (0.1%) goes to off-grid solar solutions.

- Novogratz argues that the issue isn’t a lack of funds but a lack of willingness to invest in perceived risky markets.

- Her organization, Acumen, has developed a multi-layered capital stack blending philanthropy, impact investing, and institutional funding to address this gap.

🛠️ Rethinking Risk and Capital

- Novogratz calls for a shift in how we approach risk, emphasizing the moral and social dimensions alongside financial considerations.

- Acumen’s Hardest-to-Reach initiative has mobilized $250 million to electrify challenging markets in countries like Sierra Leone and Somalia.

- She urges investors to focus on long-term opportunities, such as the creation of entirely new markets for appliances and services.

🌟 A Call to Moral Imagination

- Novogratz challenges the audience to see electrification as a moral imperative, tied to human dignity and climate justice.

- She envisions a future where this generation is remembered for bringing light and opportunity to everyone, transforming lives and reducing emissions.

- Quoting the poet Hafez, she concludes with a call to action: Look what happens with a love like that. It lights the whole sky.