Energy Compacts annual progress report shows continued investment and impact, but more is needed to address energy poverty and transition
The third edition of the Energy Compacts Annual Progress Report was launched on 25 September at the opening of the EnergyNow SDG7 Action Forum in New York. The report shows that new commitments to boost renewable energy and increase access to electricity and clean cooking technologies by 2030, in support of SDG7, have brought the finance and investment pledged through the Energy Compacts to US$ 1.4 trillion.
Since 2021, Energy Compact proponents have enhanced electricity access for 177 million people, an increase of 48 million people in the past year, but still under the 66 million people who must gain electricity access each year to achieve the SDG7 goal of 100 per cent access by 2030. Progress on enhancing clean cooking access remains slower, currently at 23 million people, underscoring the need for intensified efforts in this area.
During 2021-2024, US$ 201 billion in finance was mobilized or deployed for Energy Compact actions, nearly a three-fold increase from 2023, with a majority of funds used for installing new renewable power generation, showing a need to scale more finance towards energy access. The report was prepared by UN-Energy, with data compiled and analysed by Sustainable Energy for All (SEforAll).