What Do Markets Have to Do with It?
Show notes
Life stops when the electricity goes out, and that’s not just how it feels.
The International Energy Agency says electricity consumption and GDP growth have historically gone hand in hand, particularly in emerging and developing economies.
India and Southeast Asia are a clear example. Electricity use per person has risen rapidly over the past few decades, alongside a boom in economic development. In sub-Saharan Africa, electricity use per person has been essentially stagnant for more than 30 years. In 2023, electricity consumption per person in Africa was half that of India and 70% lower than Southeast Asia.
The World Bank calls electricity “the bedrock of jobs, opportunity, and economic growth.”
And yet, more than 560 million people across sub-Saharan Africa still live without electricity.
So what does it take to build economies when the power isn’t there?
That was the challenge behind Power Africa, a U.S. government initiative established in 2013 and terminated in 2025 following the Trump administration’s dismantling of USAID.
Leah speaks with Mark Carrato, one of the former coordinators of Power Africa, who spent more than 25 years working across climate, energy, and economic development. During his time as coordinator of Power Africa, he helped lead a partnership of governments, development banks, international donors, and hundreds of private-sector companies working to expand electricity access across the continent.
Mark saw his work as more than megawatts or power plants. It was about understanding the ecosystem around them, figuring out where development dollars could have the greatest impact, and asking what it takes to make development last.
Later, as USAID’s mission director in Brazil, Mark brought the same systems-oriented thinking to protecting the Amazon. Today, he leads emerging markets work at SecondMuse, an innovation firm that builds economies to benefit people and the planet.
In this episode, Mark takes us inside Power Africa, talks about what markets have to do with development, and makes the case for thinking differently about where and how we invest in progress. We also talk about what he hopes that approach can look like in the future, and why predictability matters in markets.
Guest: Mark Carrato leads SecondMuse's work in emerging markets and brings more than 25 years of experience in climate, energy, and economic development. Before joining SecondMuse, he held senior roles at USAID, serving as USAID director for Brazil and among the former coordinators of Power Africa, the U.S. government partnership created to expand energy access across sub-Saharan Africa.
Topics: Power Africa, market-based development, USAID’s dismantling, the Amazon, systems change.
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