EIB partners with United Nations on sustainable energy roadmap
25 June 2021
Everyone in the world could have access to clean, affordable energy within the next nine years if countries modestly increase investments, according to new reports released this week by the United Nations. Annual investments of around $35 billion could bring electricity access for 759 million people who currently lack it, and $25 billion a year can help 2.6 billion people gain access to clean cooking between now and 2030.
The proposed global roadmap outlines concrete actions to achieve clean, affordable energy for all by 2030 and net-zero emissions by 2050. Detailed recommendations on five priority themes were presented this week, during Ministerial-level Thematic Forums, which brought together key stakeholders virtually over five days, to mobilize actions as a major milestone on the road to the High-level Dialogue on Energy in September 2021.
The proposed roadmap, that will inform the High-level Dialogue on Energy in September and be considered in the political statement resulting from the summit, is based on reports submitted by five Technical Working Groups that have brought together over 160 experts since March, co-led by 16 UN and international organisations, grouped by thematic focus. The five focus areas are:
enabling the Sustainable Development Goals (SDGs) through inclusive, just energy transitions,
innovation, technology and data, and
finance and investment.
The European Investment Bank together with the International Energy Agency, International Finance Corporation and United Nations Economic Commission for Africa, co-leads the report on finance and investment.
Recommendations on financing and investment needed to achieve the 2030 and 2050 energy targets call for a tripling of clean energy investment to $5 trillion per year by 2030. The trillions of dollars in investments needed can be supported by scaling up the use of blended finance mechanisms and multilateral portfolio guarantees coupled with results-based financing, de-risking instruments and commercial financing, as well as reducing regulatory barriers to attract private investment.
The report sets out nine recommendations, which offer a way to scale up these financial flows. They correspond to four priority areas:
Progress towards an inclusive and sustainable recovery and financial resource mobilization for developed and developing markets
The alignment of finance flows with the Paris Agreement, SDG 7, and net-zero objectives
Support of local financial markets and intermediaries in many countries, and public- and private sector collaboration
Ensuring a robust pipeline of de-risked clean energy projects that can attract private capital
During the Ministerial-level Thematic Forum on 25 June, EIB President Werner Hoyer participated in the official launch of the report on finance and investment. He thanked EIB’s partners and laid out EIB’s climate and energy ambition.
The European Investment Bank (EIB) will actively contribute to the objectives of theGlobal Renewables and Energy Efficiency Pledge, announced today at the World Climate Action Summit, the gathering of world leaders at COP28 in Dubai. The pledge, which was joined by more than 100 countries, alongside the COP28 Presidency and the European Union, aims to accelerate the pace and deployment of renewables and energy efficiency to limit global warming. It defines new targets for the global installed capacity of renewable energy sources, set to triple by 2030. In addition, it commits to doubling the global rate of energy efficiency improvements from 2% to 4% every year until 2030.
The coalition of development finance institutions and multilateral organizations making up the Global Green Bond Initiative (GGBI ) today launched a strategic partnership with the African Development Bank to cooperate on technical assistance to promote green bond markets in Africa.