As ministers begin talk, new roadmap shows how sustainable energy can be achieved by 2030
Everyone in the world could have access to clean, affordable energy within the next nine years if countries modestly increase investments, according to a new report ahead of major ministerial talks this week, where countries and businesses will announce energy plans for the decade.
Yearly investments of around $35 billion could bring electricity access for 759 million people who currently lack it, and $25 billion a year can help 2.6 billion people gain access to clean cooking between now and 2030. The required investment represents only a small fraction of the multi-trillion-dollar global energy investment needed overall, but would bring huge benefits to one-third of the world’s population.
The recommendations on energy access are part of a proposed global roadmap with concrete actions to achieve clean, affordable energy for all by 2030 and net zero emissions by 2050, launched by the United Nations, last week, to set the groundwork for a large-scale mobilisation of commitments this year.
National and city governments, foundations and businesses are expected to start announcing significant commitments in the form of “Energy Compacts” at Ministerial Forums between June 21-25, driving action towards a High-level Dialogue on Energy, a summit to be convened by the UN in September. Major Energy Compact commitments and partnerships for clean electricity access and cooking solutions are among those expected to be announced during the June Forums, which are co-hosted by thirty Global Champion countries.
“At the upcoming Ministerial Forums, we will see bold commitments put forward as Energy Compacts as well as large financial commitments from partner institutions, and we need more of them, to ensure we leave no one behind and that we transition in a just and inclusive manner to net zero by 2050,” said his Co-Chair, Damilola Ogunbiyi, Special Representative of the UN Secretary-General on Sustainable Energy for All.
“This is an opportunity of our lifetime to provide universal energy access by leveraging new partnerships and technologies, and funding innovations that can create a cleaner, brighter and more equitable economic future.”
The reports indicate that a just and inclusive energy transition can create 30 million new jobs in sustainable energy by 2030 and 42 million by 2050. They call for ensuring gender equality in all aspects of energy transition, including more women taking on roles as engineers, policymakers and entrepreneurs.
The reports argue that every country and region should integrate achievement of the Sustainable Development Goals as a guiding framework for energy transition strategies. Policymakers must explicitly prioritize the needs of vulnerable groups in order to enable an inclusive and just energy transformation and achievement of all the SDGs.
The reports also acknowledge that many technologies for achieving the 2030 and 2050 goals exist but require innovations that accelerate and scale-up their deployment. In addition, the reports call for increased financing and investment to address lack of finance for local energy innovations in developing countries. Data systems need to be enhanced to better inform energy policies and direct investment decisions.
A tripling of clean energy investment by 2030 Recommendations on financing and investment needed to achieve the 2030 and 2050 energy targets call for a tripling of clean energy investment to $5 trillion per year by 2030.
The trillions of dollars in investments needed can be supported by scaling up the use of blended finance mechanisms and multilateral portfolio guarantees coupled with results-based financing, de-risking instruments and commercial financing, as well as reducing regulatory barriers to attract private investment.
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