The new commitments to enhance renewable energy and improve access to electricity and clean cooking technologies by the end of this decade have increased the total finance and investment pledged through the UN to $1.6tn, with $284bn already mobilised, states the latest Energy Compacts Annual Progress Report.
The report, released at the EnergyNow SDG7 Action Forum alongside the UN General Assembly, highlights the growing initiatives under the Energy Compact voluntary commitments aimed at enhancing energy access and facilitating the energy transition.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Since 2021, a total of $284bn has been mobilised or deployed, with the bulk of this funding coming from private-sector investments in renewable power generation.
The report highlights the need for over $4tn in annual investments to address the energy needs of 660 million people without electricity and over two billion people cooking using polluting fuels. This investment is stated to be crucial to achieving net-zero emissions by 2050 and mitigating climate impacts.
UN-Energy leaders, including UN Development Programme acting administrator Haoliang Xu, UN special representative Damilola Ogunbiyi, and UN under-secretary general Li Junhua, emphasised the importance of current energy decisions.
They collectively stated: “Choices made today will determine not only whether we achieve our climate and development goals, but also how future generations experience prosperity, equity, and security.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataDespite progress towards the UN’s Sustainable Development Goals (SDGs) for affordable and clean energy, the scale and pace remain insufficient to meet the 2030 Agenda and Paris Agreement targets.
The report highlights 209 commitments since 2021, with significant results in energy access, efficiency, and renewables from both governments and the private sector.
The data highlights the positive effects of Energy Compacts on various Sustainable SDGs. For instance, they have enhanced electricity access for more than 10,400 health facilities and facilitated the deployment of over 2.8 million electric vehicles, along with more than 336,000 charging stations.
This report provides guidance for national governments, companies, and organisations to submit Energy Compact commitments online.
The report also highlights that as countries implement their revised climate commitments under the Paris Agreement, integrating energy targets through national Energy Compacts can be a valuable strategy. Indonesia and Nepal are cited as notable examples of this approach.
Prepared by UN-Energy, the report includes data compiled and analysed by Sustainable Energy for All. It involves a collaborative effort of nearly 30 UN and international organisations working on energy issues.
