Development finance, global energy, and multilateral agencies to accelerate electrification as the cornerstone of an equitable, global economic recovery
New global coalition to end energy poverty
Unleashing the full potential of distributed renewal energy systems
The Rockefeller Foundation and the European Investment Bank today announced the formation of a global coalition aimed at providing sustainable energy for one billion people within this decade. Organizations joining this call to action also include the African Development Bank, CDC the UK's development finance institution, International Energy Agency, International Renewable Energy Agency (IRENA), United Nations Development Programme (UNDP), U.S. International Development Finance Corporation and U.S. Agency for International Development (USAID).
Today one in ten of the world’s people (800 million) lack access to electricity, including half the population of sub-Saharan Africa. Another 2.8 billion people lack access to electricity that is reliable enough to secure their livelihoods or power modern healthcare facilities and schools. The pandemic has only exacerbated the inequality of global energy access.
“In this era of unprecedented crises—including the coronavirus pandemic—we have a responsibility and remarkable opportunity to harness the power that can lead to a more equitable, safer world,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation, “Our goal is ambitious yet achievable: to bring reliable and sustainable electricity, powered by renewable technologies, to a billion people by the decade’s end. Our success will empower millions of people to participate in a modern economy, growing economic opportunity for us all.”
European Investment Bank Vice-President Ambroise Fayolle, said: “The adverse impacts of climate change and environmental degradation, as well as the Covid-19 pandemic, are undermining the ability of countries to achieve sustainable development, and particularly the most vulnerable. Accelerating high-impact investments to improve access to clean energy is essential to address the climate crisis, fight poverty and improve public health. That’s why 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 platform to promote the energy transition across Africa, Asia, and Latin America, by unlocking public and private capital flows into distributed renewable energy systems. This great initiative is fully in line with the strategic priorities and orientations of EIB’s Energy Lending Policy and Climate Bank Roadmap”.
The EIB is a global leader providing technical and financial support for secure and affordable renewable energy investment. Between 2015 and 2019, the EIB provided more than €62 billion for renewable energy, energy efficiency and electricity grid projects worldwide.
Last year the EIB adopted a new and even more ambitious energy lending policy. This committed the EU Bank to phasing out financing of traditional fossil fuel energy projects, including natural gas, by the end of 2021.
As founding members of this Coalition, the organizations commit to:
● Launch a global partnership to end energy poverty.
● Mobilize and coordinate concrete distributed renewal energy systems (DRE) roadmaps, involving technologies such as mini grids; grid-connected local generation and storage; renewable power solutions for industrial and commercial clusters; and stand-alone commercial appliances.
● Identify and support appropriate regulatory, policy, and financial regimes.
● Collaborate to enhance project development and new financing instruments to for DRE projects in underserved markets.
To support the coalition, The Rockefeller Foundation, SEforALL and RMI have launched a new website that provides fresh insight and data on distributed energy opportunities. Go to www.electrifyingeconomies.org
The Rockefeller Foundation advances new frontiers of science, data, and innovation to solve global challenges related to health, food, power, and economic mobility. As a science-driven philanthropy focused on building collaborative relationships with partners and grantees, The Rockefeller Foundation seeks to inspire and foster large-scale human impact that promotes the well-being of humanity throughout the world by identifying and accelerating breakthrough solutions, ideas, and conversations.
The European Investment Bank (EIB) and Greece’s Independent Power Transmission Operator (IPTO) have signed a long-term loan agreement of €108 million using Recovery and Resilience Facility (RRF) funds to co-finance the construction of a vital power interconnector between mainland Greece and the Cyclades islands. This agreement tops-up the EIB’s own resources loan of €157m signed on 16 December 2022.
The new 230MWp capacity solar farms in Kozani in the Western Macedonia Just Transition region supported by the EIB and backed by InvestEU are part of the ambitious Greek National Energy and Climate Plan. They will allow, along with other investments, for the greater use of renewable energy resources and reduction of fossil fuel dependency in the electricity sector, as well as improving security of supply for long term demand.
Today in kindergarten no. 47, newly renovated to be safer and more energy efficient, children and staff were welcomed by EU Ambassador to Armenia Andrea Wiktorin, Head of Unit at DG NEAR (EU Neighbourhood Policy and Enlargement) David Cullen, Head of Regional Representation for the South Caucasus at the European Investment Bank (EIB) Maciej Czura, Resident Representative of the United Nations Development Programme (UNDP) in Armenia Natia Natsvlishvili, and First Deputy Mayor of Yerevan Levon Hovhannisyan.