UN-Energy has launched its third annual Energy Compact progress report, showing continued growth in Energy Compact voluntary commitments, to be deployed by 2030. The report reveals that with new commitments to increase renewable energy and promote access to electricity and clean cooking technologies by 2030, the finance and investment pledged through the UN to support the energy transition has reached USD 1.4 trillion – a USD 100 billion increase from last year.

The ‘Energy Compacts Annual Progress Report 2024’ outlines commitments from countries, including planned spending for domestic and international action to boost energy access, efficiency, and renewables as well as private sector investment in these areas. It highlights progress achieved through the Energy Compacts since they were launched in 2021.

For example, the report shows that 177 million people have gained electricity access through Energy Compact actions since 2021. This represents an increase of 48 million since last year, which is less than the annual increase of 66 million people needed to achieve the goal of 100% access by 2030. With 23 million people having gained clean cooking access through the Compacts, progress in that area remains slower.

According to the report, in 2021-2024, Energy Compact proponents mobilized or deployed USD 201 billion in finance – nearly a three-fold increase from 2023. A majority of these funds went to renewable power, revealing the need for more funding allocations for energy access.

The report includes a call to action inviting national governments, regions and cities, private companies, financial institutions, UN agencies, and civil society organizations (CSOs) to submit their own Energy Compacts online. According to a UN press release, “[p]lans are underway to use the Energy Compact Action Network as a vehicle to facilitate partnerships and support.”

The report also highlights the potential linkages between the Energy Compacts and the enhanced nationally determined contributions (NDCs) under the Paris Agreement on climate change due in 2025.

The UN Secretary-General designated the Energy Compacts a “high impact initiative” for the UN development system to mobilize around to deliver the SDGs by 2030. Energy Compacts are voluntary commitments aimed at providing access to electricity for the 685 million people living without it and ensuring access to clean cooking fuels for some 2 billion still lacking it, while setting the world on a path towards net-zero emissions by 2050. Launched in 2021, in connection with the UN High-level Dialogue on Energy (HLDE), the Energy Compacts have since amassed 209 commitments, including 160 formal submissions and 49 expressions of interest.

Produced by UN-Energy, with support from Sustainable Energy for All (SEforALL), the report was launched on 25 September 2024 in New York, US, at the opening of the EnergyNow SDG7 Action Forum – an event that brings together energy leaders and experts on the sidelines of the 79th session of the UN General Assembly (UNGA). [Publication: Energy Compacts Annual Progress Report 2024] [SDG Knowledge Hub Story on Energy Compacts Annual Progress Report 2023]