Energy Compacts, USD 1 billion for renewables in developing countries announced at Ministerial Thematic Forums
Ambitious commitments to help the world achieve universal access to clean, affordable energy were made last week during the Ministerial Thematic Forums for the High-level Dialogue on Energy.
The Ministerial meetings were meant to lay the groundwork and build momentum for the High-level Dialogue on Energy this September, which seeks to catalyse action on Sustainable Development Goal 7 (SDG7). The Ministerial Thematic Forums delivered on these objectives thanks to bold, example-setting commitments from businesses, governments, foundations and others.
On 21 June, the IKEA Foundation and The Rockefeller Foundation announced they will set up a USD 1 billion fund to scale up distributed renewable energy around the world. As part of this effort, a new global platform will be established later this year that will aim to rapidly channel development funds to projects on the ground.
The USD 1 billion initiative will be formalized as an Energy Compact in the weeks ahead. Energy Compacts are key expected outcomes of this year’s Dialogue. They are ongoing or new commitments with clear, underlying actions that will advance progress on one or more of SDG7’s three core targets. These could be policies, investment, analytical work, etc. to achieve affordable and clean energy for all by 2030.
Several other Energy Compacts were announced throughout the week, including one by Sustainable Energy for All (SEforALL). On the opening day of the Ministerial Thematic Forums, Damilola Ogunbiyi, the Special Representative of the Secretary-General for Sustainable Energy for All and Dialogue Co-Chair, outlined the details of our Energy Compact.
Through the Universal Energy Facility, a results-based financing facility managed by SEforALL, we will directly provide over 2 million new energy connections, displacing at least 1 million fossil-fuel-based generators and 4 MT CO2e emissions and creating about 2 million jobs by 2023. By then we will also leverage USD 640 million towards energy access and/or clean energy transitions directly and indirectly through our various programmes.
Several governments also revealed their Energy Compacts last week, including those by Brazil, Denmark, Germany, India, Nauru, The Netherlands, the Basque Region and the City of Ithaca. Meanwhile, global technology giant Google also committed to an Energy Compact. A full list of all confirmed Energy Compacts can be found here.
The Ministerial Thematic Forums were also an opportunity for the Technical Working Groups of the High-level Dialogue on Energy to present their recommendations for action across the Dialogue’s five priority themes, which are Energy access; Energy transition; Enabling SDGs through inclusive, just energy transitions; Innovation, technology and data; and Finance and investment.
A report for each of these themes was developed and presented to ministers from national governments and leaders from business, cities, civil society and youth organizations to guide their thinking, actions and Energy Compacts. Together the five reports create a global roadmap for achieving affordable and clean energy for all by 2030, on the road to net-zero emissions by 2050.
The week also featured numerous side events devoted to specific topics related to the Dialogue’s five thematic areas. SEforALL, with our partners, organized the following events, which can be watched on our YouTube channel:
- Financing Energy Access and Economic Recovery in a Climate Smart Way
- Delivering on Energy, Health, Climate and Food through action on Efficient, Climate-Friendly Cooling
- Connecting and Uniting Action and Commitment: Health Facility Electrification Energy Compact
- Integrated Energy Planning for Driving Outcomes and Investment
In her capacity as the Special Representative to the Secretary-General, our CEO is the Co-Chair of the High-level Dialogue on Energy, with SEforALL taking a lead in the planning of the Ministerial Thematic Forums, the Dialogue and promoting Energy Compacts.