Energy compacts garner $1.4 trillion to tackle global electricity and clean cooking crisis by 2030

New commitments aimed at expanding renewable energy and increasing access to electricity and clean cooking technologies have brought the total finance pledged through the United Nations for the global energy transition to US$ 1.4 trillion. This update was revealed in the third edition of the Energy Compacts Annual Progress Report, launched at the EnergyNow SDG7 Action Forum alongside the UN General Assembly.

The report highlights that since the Energy Compacts initiative began in 2021, significant progress has been made, with 209 commitments from governments and private sectors aimed at achieving Sustainable Development Goal 7 (Affordable and Clean Energy) by 2030. These commitments are crucial for reaching net-zero emissions by 2050 and limiting global warming to 1.5°C.

Energy Compacts have facilitated new electricity connections for 177 million people, though the pace must increase to meet the goal of universal access by 2030. Progress on clean cooking access has been slower, with 23 million people benefiting so far.

From 2021 to 2024, US$ 201 billion was mobilized for Energy Compact actions, with the majority focused on renewable power generation. However, more investments, ranging from US$ 23 trillion to US$ 48 trillion, will be needed by 2030 to meet clean energy goals and climate targets. The report calls on governments, businesses, and civil society to further increase their energy commitments and accelerate efforts to meet the pressing deadlines.