Financing a sustainable energy future: international collaboration for de-risking investment and mobilizing finance

Sustainable energy sits at the heart of climate action and poverty reduction. Yet, progress to achieving affordable and clean energy for all is lagging according to the SDG7 Tracking report. 685 million people still lack access to electricity, while 2.1 billion people have no access to clean cooking and immense regional disparities exist in the deployment of renewable energy. The report also shows that international financial flows to developing countries in support of clean energy have decreased from $28.5 billion in 2016 to $15.4 billion in 2022. These insufficient financial resources underscore the urgent need to find ways to mobilize the necessary funds to achieve the 2030 Agenda, ensuring that no one is left behind.

With crucial discussions happening later this year around the global financial system, (e.g. the United Nations Summit of the Future in September 2024 and COP29 in November), the International Renewable Energy Agency (IRENA), in collaboration with SRMI partners and UN-Energy, is convening this discussion on the 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 towards achieving affordable, reliable, sustainable, and modern energy for all by 2030.

Agenda