Annual Report Shows Growth in Investment and Impact
The third edition of the Energy Compacts Annual Progress Report was launched on 25 September 2024 at the opening of the EnergyNow SDG7 Action Forum in New York. The report shows that new commitments to boost renewable energy and increase access to electricity and clean cooking technologies by 2030 have brought the finance and investment pledged through the Energy Compacts to US$ 1.4 trillion. Since 2021, Energy Compact proponents have enhanced electricity access for 177 million people, an increase of 48 million people in the past year, and clean cooking access for 23 million people. Since 2021, US$ 201 billion in finance was mobilized or deployed for Energy Compact actions, nearly a three-fold increase from 2023, with a majority of funds used for installing new renewable power generation.
Compacts Are High Impact Initiative
Energy Compacts were selected as one of twelve around which the UN development system can mobilize in connection with the SDG Summit held in September 2023, with follow-up expected in coming years. The aim is to demonstrate that transformative progress is possible despite challenging circumstances, and to generate further leadership and investment to bring such progress to scale in the second half of the SDGs, by 2030. As a High Impact Initiative, the Energy Compacts can drive action on closing energy access gaps, phasing out coal-fired power, and decarbonizing our energy systems, while also growing the economy, creating jobs and ensuring sustainable development. The Energy Compacts were featured as a High Impact Initiative at a special event on SDG Acceleration Day, 17 September, at UN Headquarters.
High-Impact Initiative Slide Deck
Network Connects Partners
The Energy Compact Action Network, launched in May 2022 supported by UN-Energy, brings together governments, businesses and other civil society partners who have made voluntary commitments to over 200 Energy Compacts, in order to direct investment, know-how and resources to help achieve the commitments made in connection with the High-level Dialogue on Energy . At the launch, four coalitions of Energy Compacts were showcased to demonstrate how countries, cities, businesses, youth and other partners can join forces through the Action Network, to help governments fulfil their commitments to clean energy for all.