2023
  • Non-ICIMOD publication

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Energy compacts: Annual progress report

  • UNEnergy
  • Summary

The report emphasizes that while energy commitments have topped the trillion-dollar mark, between USD 22 trillion and USD 48 trillion in additional investments is needed to address energy poverty and support decarbonization for a green transition. According to the report, Energy Compact commitments show ambition to achieve SDG 7 (affordable and clean energy) through actions to improve energy access, increase the share of renewables, and enhance energy efficiency. These actions, it notes, also contribute to other SDGs, including SDGs 3 (good health and well-being), 8 (decent work and economic growth), 11 (sustainable cities and communities), and 17 (partnerships for the Goals).

The report shows “encouraging movement, most notably towards electricity access and installed renewable energy capacity.” However, clean cooking has been marked by relatively slower growth, revealing the need for sustained action. The report highlights that Energy Compacts submitted by Member States and the private sector include 22 net-zero pledges with varying timelines and over 300 partnerships in support of SDG 7. It draws attention to the Energy Compact Action Network, which represents a diverse community of proponents with commitments that go beyond 2030, working towards a just and inclusive energy transition.

  • Pages:
    50
  • Language:
    English
  • Published Year:
    2023
  • Publisher Name:
    UN Water
  • External Link:
    Source