Fresh alliance to curb energy insecurity by 2030 among a billion people

Fresh alliance to curb energy insecurity by 2030 among a billion people

The African Development Bank, the CDC, the UK Development Finance Institution, the European Investment Bank, the International Energy Agency, the International Renewable Energy Agency (IRENA), the United Nations Development Programme (UNDP), the US International Development Finance Corporation and the US Agency for International Development are among the organizations supporting this call for action (USAID).

Today, one in ten (800 million) of the world's population needs access to electricity, including half of sub-Saharan Africa's population. Another 2.8 billion people lack enough stable access to electricity to protect their livelihoods or to fuel modern healthcare facilities and schools. The pandemic has only worsened global energy access disparity.

The new alliance is focused on unleashing the full potential of distributed solar and sustainable energy systems, including innovations such as mini-grids, grid-connected local generation and storage, renewable energy solutions for industrial and commercial clusters, as the world continues to concentrate on the delivery of vaccines and stimulus to help bring the destruction of COVID-19 to a rapid end.

Technological breakthroughs have made these systems more affordable and easier to install over the past decade; harnessing their influence is crucial to rapidly delivering energy to power modern economies and essential social services.

As founding members of this Coalition, the organisations commit to:

• Launching a global Energy Poverty Reduction Alliance, bringing together local national, regional and international leaders and public and private sector organizations to unlock the full potential of distributed renewable energy systems (DRE) to boost the livelihoods of a billion people.

• Mobilize and mobilize clear DRE roadmaps to unlock flows of public and private capital through DRE innovations to generate local jobs, cultivate sustainable livelihoods and develop the future of an environmentally smart, resilient electricity grid.

• Identify and promote, in collaboration with national leadership, appropriate regulatory, policy and financial regimes in order to build capacity and establish an atmosphere to increase investments in renewable energy technologies and related economic development partnerships.

• Collaborate to improve the production of projects and new funding instruments to catalyze billions of dollars of increased annual investment in underserved markets in DRE projects.

Ambroise Fayolle, Vice-President of the European Investment Bank, adds: "The adverse impacts of climate change and environmental degradation, as well as the COVID-19 pandemic, are undermining the ability of countries particularly the most vulnerable, to achieve sustainable development." To tackle the climate crisis, combat poverty and boost public health, accelerating high-impact investments to improve access to renewable energy is necessary.

For this reason, the European Investment Bank is very pleased to join forces with the Rockefeller Foundation and its "Green and Equitable Recovery Call to Action" as a forum to facilitate the transformation of energy across Africa, Asia and Latin America by opening up the flow of public and private capital into distributed renewable energy systems. This great initiative is entirely in line with the EIB Energy Lending Strategy and Climate Bank Roadmap's strategic goals and guidance.

Francesco La Camera, director general of IRENA, said “Renewables-based energy strategies can help achieve multiple economic, social and climate priorities -improving the livelihood of millions of people, creating much needed new jobs and erasing energy poverty. The world after Covid-19 can be more resilient, prosperous, fair and equitable – leaving no one behind.”


UNDP administrator Achim Steiner noted that: “Ending energy poverty is critical for people and nations to thrive. We know clean energy can both rapidly deliver universal energy access and contribute to tackling the climate crisis. We know it can power a green recovery and the transition to a sustainable future. But we need to do more, we need to do it faster, and we need to do it together—we must join forces to step up action on clean energy.”

 

 


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