Compacts Are High Impact Initiative
Energy Compacts were selected as one of twelve High Impact Initiatives 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.
Annual Report Shows Progress
New multi-billion-dollar commitments have brought the finance and investment pledged through Energy Compacts over the trillion-dollar mark, according to the second annual Energy Compacts Progress Report, released on 15 September 2023 ahead of the UN SDG Summit. Since the Compacts were started in 2021, they have had a significant impact, enhancing electricity access for 129 million people, and providing access to clean cooking for 22 million. USD 105 billion in finance was mobilized or deployed for Energy Compact actions during 2021-2023, with 80 percent coming from the private sector. Nearly 15,000 GWh of energy were saved through energy efficiency improvements over the two years, and installed renewable energy capacity doubled from 89GW to 181GW under the Energy Compacts.
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.
Events
Energy Compacts: Advancing Ambition on SDG7 from Billions to Trillions
A number of Energy Compacts will be showcased at Climate COP28 in Dubai, UAE, from 30 November to 12 December 2023.
For events on specific Energy Compacts, see the schedules for the SDG Pavilion and SDG7 Global South Pavilion, and the calendar of energy-related events at COP28.