Calls for action on SEforALL's finance recommendations
UN Member States, the Secretary-General and the World Bank President call for action on the SEforALL recommendations for how to mobilize additional $120 billion a year. Addis Ababa, Ethiopia, July 13, 2015 - "We welcome the Secretary-General’s Sustainable Energy for All initiative as a useful framework, including its regional hubs, and the development of action agendas and investment prospectuses at country level, where appropriate. We call for action on its recommendations, with a combined potential to raise over $100 billion in annual investments by 2020, through market-based initiatives, partnerships and leveraging development banks." This is the call for action on SEforALL´s financing recommendations by the 193 United Nations member states in the Addis Ababa Action Agenda, agreed this week in Ethiopia. On Monday, Secretary-General Ban Ki-moon and World Bank President Jim Yong Kim, Co-Chairs of the Sustainable Energy for All Advisory Board, received the SEforALL finance committee’s report and recommendations for how to mobilise an additional $120 billion a year in sustainable energy investments. Third International Conference on Financing for Development (FfD) in Addis Ababa, Ethiopia. "Bank of America has already put forward $1 billion dollars to mobilize an additional $10 billion dollars. I encourage others to follow suit," added the Secretary-General. ElectriFI," informed Mr. de Melo of the European Commission. "Rather than talking about private partners, I would describe them as commercial partners," said Mr. MacGeorge of the World Bank, stressing the role of multilateral development banks as playing a leveraging role for such actors. "Our study of SEforALL´s objective of doubling the share of renewables in the global energy mix shows that this could be done at negible additional cost, or with big savings if externalities of fossil fuels are counted in," said Mr. Wuester. "To progress even further, we need project development facilities - and as many as possible. SEforALL can play a role as a platform in this regard," said Mr. Ferraz of BNDES. "The challenge in vulnerable countries is often to bring projects to scale. Overall, we know that we will need five times the finance we have today," said Mr. Acharya of UN-OHRLLS, stressing the special needs of LDCs, SIDS and LLDCs.