Financing a Sustainable Energy Future: International Cooperation to Reduce Investment Risks and Mobilize Finance

Sustainable energy is central to climate action and poverty reduction. Yet progress towards affordable clean energy for all has been slow, according to the SDG7 Tracking Report. 685 million people still lack access to electricity, 2.1 billion lack clean cooking methods, and large regional disparities exist in renewable energy adoption. The report also shows that international financing flowing to developing countries to support clean energy has declined from $28.5 billion in 2016 to $15.4 billion in 2022. These inadequate sources of financing underscore the urgent need to find ways to mobilize the finance needed to achieve the 2030 Agenda and ensure that no one is left behind.

There are important discussions planned for the second half of the year regarding the global financial system, such as the UN Future Summit in September 2024 and COP29 in November. International Renewable Energy Agency (IRENA),cooperation SRMI Partners and United Nations Energyis hosting this discussion on opportunities to accelerate and scale up investments through policy and financial risk mitigation interventions. The session will bring together representatives from countries, international organizations and multilateral development banks to discuss current challenges, share successful strategies and identify priorities for scaling up investments with the aim of providing affordable, reliable, sustainable and modern energy for all by 2030.

agenda