SEforALL and OPEC Fund partner to support countries’ clean cooking efforts
The OPEC Fund for International Development and Sustainable Energy for All (SEforALL) are strengthening their cooperation in the field of clean cooking, a key part of Sustainable Development Goal 7 (“Affordable and Clean Energy”).
In a Memorandum of Understanding (MoU) signed today during their joint “Finance for Clean Cooking” forum in Vienna, both organizations committed to scale-up their support of global and national efforts towards universal access to clean cooking.
Around 2.6 billion people lack access to clean cooking solutions, with the lowest access rates in Sub-Saharan Africa. Indoor air pollution from the use of traditional fuels for cooking causes millions of deaths every year. The estimated cost worldwide from the use of traditional fuels for cooking is USD 2.4 trillion each year, while finance for clean cooking solutions remains far below the estimated USD 4 billion required annually to ensure universal access by 2030.
Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary General for Sustainable Energy for All and Co-chair of UN-Energy said: “I’m pleased that through this partnership, SEforALL and OPEC Fund will continue to provide support for countries to advance clean cooking as a critical component of their integrated energy plans. Through the Energy Compact process, unlocking much-needed finance, and providing data and analysis, we will accelerate progress on Sustainable Development Goal (SDG) 7 and ensure a just and inclusive energy transition that leaves no one behind.”
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are very pleased to expand further our cooperation with SEforALL with the aim to unlock much-needed investments for clean cooking. Innovative planning and finance mechanisms can unleash the huge global potential of clean cooking and provide safer, cleaner and more efficient use of energy resources in households. Going forward, the OPEC Fund and SEforALL will scale up our efforts with a joint action plan.”
As a first step in this new partnership, the Finance for Clean Cooking event brought together representatives of partner countries and institutions, as well as the private sector, to share their perspectives and plans to achieve universal access to clean cooking. It also explored concrete cooperation opportunities and innovative financing solutions to scale-up investments in clean cooking in developing countries.
Moving forward, OPEC Fund and SEforALL will work together to build greater political support for clean cooking, particularly at a national level, in the form of Energy Compact commitments. The partnership will also focus on providing country-level support to governments on clean cooking access, including through the development of integrated energy plans.
The partners will look to mobilize finance for clean cooking and energy access through a planned SDG7 Trust Fund and other innovative financial instruments developed in collaboration with stakeholders.