29 September 2016 - Sustainable Energy for All (SEforALL) welcomes Deutsche Bank’s proposal to combine capital from the Green Climate Fund (GCF) with private investment to finance access to renewable energy for households and small and medium-sized businesses in Africa.
"It is essential that the GCF find creative ways to leverage and crowd in all forms of finance for clean, affordable solutions that close the energy access gap,” said Rachel Kyte, CEO of SEforALL and Special Representative of the UN Secretary-General.
“The Paris Agreement to combat climate change promised that we would leave no one behind, and it’s good to see commercial banks moving to meet the opportunity that comes from a transition to a system that delivers energy for all."
More than one billion people worldwide, including over 600 million people in Sub-Saharan Africa, have no access to electricity, presenting a major barrier to well-being and economic growth.
Financing from both the private and public sectors needs to rise sharply to close this gap. SEforALL’s Global Tracking Framework 2015 estimates that annual investment of $45 billion – five times the current level – will be needed from now until 2030 to secure universal electricity access worldwide.
For more information on Deutsche Bank’s proposal to the GCF, click here.