The energy sector, still dominated by fossil fuels, is the largest contributor to greenhouse gas emissions. We know people and nations need reliable sources of energy to power hospitals and light schools, and to safely cook, heat or cool their homes. We know we need to switch to sustainable energy. Yet despite progress, we are not on track to meet our climate goals and achieve Sustainable Development Goal 7 – universal access to clean, affordable and reliable energy.
Much more needs to be done. But the clean energy solutions that can get us there exist, and there is growing momentum to make them political and investment priorities. Here are our five reasons to be optimistic.
1) Clean energy is a smart investment
Fossil fuels used to be less expensive than cleaner energy, but this is changing. Renewables are becoming more affordable every year, and some options are now cheaper than fossil fuels. The price of solar has decreased by 89 percent since 2010. It is now cheaper to go solar than to build new coal power plants in most countries, and solar is now the cheapest electricity in history. Amid an exceptionally challenging year, and despite suffering setbacks, the renewables sector has shown some resilience.
This fall in price, coupled with technological progress and the introduction of innovative business models, means we are now at a tipping point. Energy efficiency technologies can also deliver climate benefits. The right efficiency policies could enable the world to achieve more than 40 percent of the emissions cuts needed to even without new technology.
Within the framework of the 7th Advance training Course edition, RES4Africa is organizing an online webinar that will focus to present the innovative and creative projects ideas in the RE sector coming from the Micro- Grid Academy community alumni.
Time: Monday 14th December 2020, from 2.00 to 4.30 PM (CET)
In August 2020, with the support of Enel Green Power, RES4Africa launched the MGA Young Talents of the Year 2020 Award, to support brilliant young African talents’ projects and ideas addressing major environmental and social challenges that hamper the development of African countries. During the mentioned webinar, the 8 finalists of the competition will present publicly their project proposals.
You are therefore invited to participate in this online webinar by using this link to register.
The world now has the largest generation of young people in history and we need them in the driver’s seat if we are to meet the Sustainable Development Goals (SDGs) by 2030.
To empower these young leaders from across the world to support a just, inclusive energy transition in line with the Paris Agreement on climate, Sustainable Energy for All (SEforALL) will host its first ever SEforALL Youth Summit early next year, highlighting universal access to sustainable energy as a pivotal step to achieving global climate goals.
The Summit will:
With only a decade left to provide universal electricity and clean cooking access, dramatically improve global energy efficiency and increase the share of renewables in the energy mix, we need immediate action to be taken by a wide range of energy stakeholders.
With less than a decade to meet global energy goals, new research from Sustainable Energy for All (SEforALL) shows that energy access finance continues to be significantly off-track to meet 2030 targets.
This year’s Energizing Finance research series – produced in partnership with Climate Policy Initiative and South Pole – reveals that, yet again, finance levels for electricity and clean cooking remain far below the investment required to achieve Sustainable Development Goal 7 – access to affordable, reliable, sustainable and modern energy for all. The shortage has reached acute levels in many of the 20 high-impact countries across Africa and Asia with the largest access gaps that the reports track using the latest available data from 2018.
Energizing Finance also notes that achieving SDG7 will be impossible without speeding up the disbursement of energy finance commitments. Huge amounts of planned investment and funding support continue to be delayed or face multiple barriers, limiting impact on the ground and depriving vulnerable populations of energy access.
An estimated annual investment of USD 41 billion is needed to achieve universal residential electrification, but only one-third of this – just USD 16 billion in commitments – was tracked by Energizing Finance. Further, despite the clear need and opportunity of decentralized renewable energy to reach the majority of those without access, finance commitments for renewable energy based mini-grids and off-grid energy systems remain far short of necessary levels, attracting less than 1-1.5 percent of the total finance for electricity tracked.