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Publication - Energizing Finance: Understanding the Landscape 2019
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Title
Energizing Finance: Understanding the Landscape 2019
Publisher
SEforALL
Author
Sustainable Energy for All (SEforALL) and the Climate Policy Initiative (CPI)
Published in
October 2019
Abstract
Key findings include:
- Electricity access - USD 36 billion was committed to electricity access in the high-impact countries (HICs), up from USD 30 billion tracked in the last report. However, only USD 12.6 billion of total tracked finance commitments for electrification benefits residential customers, representing just one quarter of the estimated annual investment of USD 51 billon required to meet universal access.
- Sub-Saharan Africa - Except for Nigeria, finance commitments for electricity in Sub-Saharan African countries remain abysmally low. Four of the thirteen Sub-Saharan African HICs reported an absolute decline in electricity investment, and ten received less than USD 300 million each in 2017.
- Clean cooking - An annual investment of USD 4.4 billion is required to close access gaps, yet only USD 32 million in finance commitments for clean cooking solutions were tracked—representing less than 1 percent of the estimated finance required for universal clean cooking access by 2030.
- Fossil fuels - Despite a global climate emergency, the report highlights ongoing reliance of investment into fossil fuels as a way to support energy access. Finance commitments for grid-connected fossil fuel fired power plants, specifically coal, decreased from USD 8.1 billion tracked in last year’s report to USD 6.6 billion. Energizing Finance strongly underscores that coal will not reach vulnerable, remote populations and continued financing of new, non-renewable power is incompatible with the Paris Agreement, meeting the SDGs or responsible investing.
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