UN’s SEforAll Global Forum Anticipates $900M Investment in Clean, Distributed Energy for Emerging, Developing Nations
During the recent Sustainable Energy for All (SEforAll) Global Forum, governments, NGOs and key clean energy players committed more than $900 million to advance the clean energy transition across Africa, Asia, Latin America and the Caribbean.
SEforAll is an independent organization launched in 2011 by the United Nations. Housed within the UN’s Office for Project Services (UNOPS), SEforAll’s mandate is to accelerate the clean energy transition and expand access to affordable, reliable and sustainable energy in emerging and developing countries.
The organization convened its sixth global forum in Barbados March 12-14, drawing more than 1,300 people from 70 countries.
Minigrid and renewable energy funding announced
Funding for several minigrid and renewable energy initiatives was revealed during the three-day event:
- A $500 million distributed renewable energy fund was announced by the Nigerian Sovereign Investment Authority, SEforAll, International Solar Alliance and Africa50 to develop and finance minigrids, residential solar systems, energy storage technologies, and commercial and industrial power solutions in Nigeria.
- $20 million in results-based financing (RBF) was announced by the European Union, UNOPS and SEforAll. The Universal Energy Facility, SEforAll’s muti-donor RBF program, will fund the development of minigrids and other rural residential electrification projects in Sierra Leone.
- The IKEA Foundation pledged $12 million to deploy renewable energy resources across sub-Saharan Africa, South Asia and the Indo-Pacific region, displacing fossil fuel generators.
Additionally, a $250 million “first loss equity” fund was launched by Allied Climate Partners to accelerate clean energy investment globally. A $130 million fund will spur green financing in the Caribbean.
National and regional energy investment plans announced
In addition to funding commitments, several nations or regional entities unveiled energy initiatives during the biennial event.
Host nation Barbados, in collaboration with SEforAll, introduced an energy transition and investment plan designed to help the country achieve net zero by 2035. Officials from Pakistan announced plans to work with SEfor All to develop a national energy transition roadmap.
The Latin American Energy Organization said it would work with SEforAll on policies, regulations and tariffs that would promote an equitable energy transition in Latin America and the Caribbean.
Formula E, an electric motorsports championship series, announced it would join the Energy Compacts, voluntary, trackable commitments launched by and SEforALL for achieving net-zero emissions.
Additionally, the Glasgow Financial Alliance for Net Zero launched a Caribbean Chapter to reduce investment barriers in the region and SEforAll unveiled a new platform to connect renewable energy manufacturers with financiers in Africa and Southeast Asia.
SEforAll held its last global forum in Rwanda in 2022, drawing 1,300 delegates from 166 countries and more than 3,000 online participants. Financial commitments of $347 million were made during the 2022 event.
