The Energizing Finance: Understanding the Landscape 2018 report analyzes finance flows for electricity and clean cooking access in countries across Africa and Asia with the most significant access gaps. The report reveals alarming developments in several key areas of energy access finance that require urgent action to keep Sustainable Development Goal 7 - affordable, reliable, sustainable and modern energy for all – within reach.
Research shows annual investment of USD 52 billion is needed to meet universal electrification, yet finance commitments for electricity in the 20 ‘high-impact’ countries - representing 76% of those without electricity access - has barely increased, averaging just USD 30.2 billion annually.
For the second year in a row, finance tracked for clean cooking revealed a deeply confronting challenge: finance committed across the 20 countries with the largest clean cooking access gaps - representing 81 % of the global population without access – actually decreased 5% to an average of just USD 30 million, compared to the estimated annual investment needed of at least USD 4.4billion.
Of serious concern, finance for coal-powered energy is increasing, at a time when the International Panel on Climate Change is issuing stark warnings about stalling progress on the Paris Agreement targets. In the countries tracked, annual commitments for coal plants almost tripled, growing from USD 2.8 billion to USD 6.8 billion. The potential impacts of this increase pose a clear challenge to climate goals, the air we all breathe and the ability to bring energy to those that need it, at the speed promised.
Research shows annual investment of USD 52 billion is needed to meet universal electrification, yet finance commitments for electricity in the 20 ‘high-impact’ countries - representing 76% of those without electricity access - has barely increased, averaging just USD 30.2 billion annually.
For the second year in a row, finance tracked for clean cooking revealed a deeply confronting challenge: finance committed across the 20 countries with the largest clean cooking access gaps - representing 81 % of the global population without access – actually decreased 5% to an average of just USD 30 million, compared to the estimated annual investment needed of at least USD 4.4billion.
Of serious concern, finance for coal-powered energy is increasing, at a time when the International Panel on Climate Change is issuing stark warnings about stalling progress on the Paris Agreement targets. In the countries tracked, annual commitments for coal plants almost tripled, growing from USD 2.8 billion to USD 6.8 billion. The potential impacts of this increase pose a clear challenge to climate goals, the air we all breathe and the ability to bring energy to those that need it, at the speed promised.
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