Sustainable Energy for All (SEforALL), an international organization working with leaders in government, the private sector and civil society to drive further, faster action toward achievement of Sustainable Development Goal 7 (SDG7), will this week launch a report that aims to revolutionize Africa’s energy industry.
SDG7 is a United Nations (UN) initiative that calls for universal access to sustainable energy by 2030, and the Paris Climate Agreement, which calls for reducing greenhouse gas emissions to limit climate warming to below 2 degrees Celsius.
This year’s SEforALL report, titled ‘Energizing Finance: Understanding the landscape 2018’, was released on November 12th, in Dakar, Senegal in connection with the Economic Community of West African States (ECOWAS) Sustainable Energy Forum (ESEF).
The report is the product of a research partnership between SEforALL and the Climate Policy Initiative, an organisation that works to improve the most important energy and land use policies around the world, with a particular focus on finance.
The report comes at a time when finance is one of the biggest challenges to achieving Sustainable Development Goal 7, which calls for access to affordable, reliable, sustainable and modern energy for all by 2030.
In light of this, SEforALL has developed the Energizing Finance research series, which is a pioneering effort to systematically analyze finance flows for electricity and clean cooking access in the 20 high-impact countries that represent about 80% of the global access deficit. There are currently just under one billion people without access to electricity and three billion people who lack access to clean cooking. These issues must be urgently addressed if we are to leave no one behind.
The first edition of the Energizing Finance series, released last year at the UN General Assembly, estimated that an annual investment of less than $20 billion was tracked in the 20 high-impact countries, less than half the estimated amount needed to meet universal electrification in them.
This year’s report will show that there has been some progress, but the bulk of investments have gone to only four countries, three of them in Asia. In total, financial commitments still fall far short of what is needed to meet SDG7 by 2030.
Across the globe, there are nearly 1 billion people without access to electricity and 3 billion people who lack access to clean cooking. SEforALL believes that these issues must be urgently addressed.
“Launching the report in Africa at the ECOWAS Center for Renewable Energy and Energy Efficiency (ECREEE) provides a great opportunity to engage African leaders from the policy, business and civil society sectors to discuss the challenges and opportunities to increasing investments, especially in Africa, which has not attracted the levels of financial commitments that are needed,” SEforALL said in a recent statement.