Energy Compact commitments for achieving Sustainable Development Goal 7 surpass USD 1 trillion

Energy Compact commitments for achieving Sustainable Development Goal 7 surpass USD 1 trillion

The report was launched ahead of the SDG Summit happening during the UN General Assembly and highlights the progress made in the Energy Compacts

Since their inception in 2021, Energy Compacts have garnered 193 submissions that align with their Guiding Principles. This year, thanks to new multi-billion-dollar commitments, there has been a remarkable increase in the total finance to be deployed by 2030, with it soaring past USD 1 trillion. This finance represents a substantial scaling-up of efforts to improve energy access for the 675 million people living without electricity and the more than 2 billion still reliant on polluting fuels for cooking.

Commitments made thus far will enhance electricity access to 697 million people, clean cooking access to 315 million, deploy 1,185 GW of clean energy capacity, and achieve 59,753 GWh of energy savings. However, the report acknowledges that while progress has been made, there is a need for acceleration, especially in achieving clean cooking access, which has seen relatively slower growth, and in fulfilling commitments.

In terms of realizing the commitments made, the Energy Compacts have mobilized or deployed USD 69 billion in finance, provided enhanced electricity access to 129 million people, granted access to clean cooking for 22 million, installed 181 GW of renewable energy capacity, and saved 14,960 GWh of energy through efficiency measures.

The report also highlights the interconnectedness of the Energy Compact commitments with other SDGs. These commitments not only aim to achieve SDG7 by closing energy access gaps, increasing the share of renewables, and enhancing energy efficiency, but also contribute significantly to SDGs 3 (good health and well-being), 8 (decent work and economic growth), 11 (sustainable cities and communities), and 17 (partnerships for the goals).

Collaboration emerges as a key driver in accelerating the impact of the Energy Compacts. The Energy Compact Action Network, comprising a diverse community of proponents, supports the call to action of the UN Secretary-General. With commitments that extend beyond 2030, these proponents are working toward a just and inclusive energy transition.

Among the notable features of the network are 22 Member States and private sector Energy Compacts that include net-zero pledges with varying timelines tailored to their individual contexts. Additionally, Energy Compact proponents have forged over 300 partnerships to further their goals. As the world grapples with the urgent need to combat climate change and ensure access to clean and affordable energy for all, Energy Compacts promise a path forward to net zero.

Source:  Sustainable Energy for All

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