SPECIAL FEATURE


A PLATFORM FOR AFFORDABLE AND CLEAN ENERGY FOR ALL BY 2030 Committing to action on SDG 7


THE CHALLENGE


Energy is key to the achievement of the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change. However, we are still far from where we should be to meet the SDG 7 targets by 2030.


Current actions on SDG 7 are insufficient, too fragmented and lack accountability. Meanwhile, the energy sector continues to be the most significant contributor to greenhouse gas emissions globally. Much more needs to be done to increase energy efficiency and the share of renewable energy.


HOW TO TACKLE IT


With less than a decade to meet the 2030 goals, two crucial changes are needed. First, all stakeholders – from national, regional and city governments to companies , development organizations and individuals – need to take bolder action on SDG 7. Second, stakeholders committed to action need a platform that will connect them with others who share their ambition and can support their efforts. Energy Compacts provide this platform and opportunity to commit to action.


CURRENT SITUATION


789 2.8


MILLION


PEOPLE WITHOUT ACCESS TO ELECTRICITY (2018).


BILLION


PEOPLE WITHOUT ACCESS TO CLEAN COOKING (2018).


17% 1.7%


• The U.S. also came on board as a Global Champion on energy transitions and committed to announcing a bold and ambitious Compact in September.


• Finally, our youth continue to lead from the front. Student Energy committed to deploying US$150 million toward upskilling, mentoring, and directly financing early- and mid-stage youth- led clean energy initiatives, reaching over 35,000 young people in over 100 countries.


There are many ways forward. But it has to be a global effort, because we are not on track with barely nine years to go to achieve SDG 7. We need firm commitments holding governments and others publicly accountable. This is all about raising ambition and showing people that collectively this is a huge opportunity.


OFQ: What do you see as the role of the DFI community / partnerships for energy finance towards realizing SDG 7? Damilola Ogunbiyi: During our June Ministerial Thematic Forums, we were privileged to co-host an important event with our partners: Rajiv Shah, President of the Rockefeller Foundation, Per


Heggenes, CEO of the IKEA Foundation and Makhtar Diop, Managing Director of the International Finance Corporation (IFC). All spoke about their commitment to dramatically scale-up efforts and resources to finally end the scourge of energy poverty. I was heartened by their passion and


ultimately the money they are putting behind their words. Each has pledged to create a movement that will bring together the private sector, multilaterals and governments. This movement already includes financing that will be leveraged to upwards of US$10 billion as a starting point. For the Rockefeller and IKEA Foundations, they committed to a US$1 billion catalytic fund to distribute renewables, while the IFC has partnered with the Rockefeller Foundation for a US$150 million facility to de-risk up to US$2 billion of private sector investments in distributed renewable energy. If we look at the history of


commitments made under the Paris Agreement, the ambition and execution is simply not matching what’s required to achieve our goals. But commitments such as those made at the Forums are


SHARE OF TOTAL FINAL ENERGY CONSUMPTION FROM RENEWABLES (2017)


By 2030 increase substantially the share of renewable energy in the global energy mix


ENERGY EFFICIENCY IMPROVEMENT RATE (2017)


By 2030 double the global rate of improvement in energy efficiency


Source: SEforall; IEA, IRENA, UNSD, World Bank, WHO SDG 7 TARGETS


By 2030 ensure universal access to affordable, reliable and modern energy service


We absolutely cannot achieve SDG 7 without the momentum and scale that DFIs, philanthropic organizations and the private sector can bring to the table.


Damilola Ogunbiyi


breaking the mold by actually delivering on their promises. This is the type of bold action that fills me with optimism and hope. We absolutely cannot achieve SDG 7 without the momentum and scale that DFIs, philanthropic organizations and the private sector can bring to the table.


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