$14bn Investment Raised For SDG7 Electricity Access, Clean Cooking Fuel – Report

The EnergyNow SDG7 Action Forum has launched the Energy Compact Progress Report for 2021-2022, specifically taking into accounts major actions taken towards achieving Sustainable Development Goal 7 (SDG7).

The report disclosed that in the year since they were launched, Energy Compact commitments have generated $46 billion in investment, provided enhanced electricity access to 6 million people and improved access to clean cooking for 14 million people.

Based on data submitted by more than 94 Energy Compact proponents, 88GW of renewable energy capacity has also been installed and 2,450GWh of energy saved through energy efficiency measures in the 2021-2022 reporting period.

This progress was made even though, according to over 70 per cent of the Energy Compact respondents, the repercussions of the conflict in Ukraine have affected, or are expected to affect, the pace and scale of their energy actions.

Although the current energy crisis has seen an increase in the use of fossil fuels to address energy supply deficits, with coal use rising 7 per cent in the European Union in 2022 according to the International Energy Agency, the report states that the compact community is optimistic that this will be short-lived.

They expect the long-term effect of the energy crisis will be renewed focus towards a green transition where energy systems are more localised and resilient to international shocks, and consist of a much greater share of renewable energy.

The progress made on the Energy Compacts has also contributed to a number of other Sustainable Development Goals, most notably to SDG13, with 400 million tons of CO2e emissions being averted; to SDG6, with an additional 300,000 people accessing clean, safe drinking water; and to SDG4, with 70,700 new students attending schools through compact-related actions in the last year.