$400 billion commitments at UN energy summit

More than U.S. $400 billion in new finance and investments were committed by governments and the private sector during the UN high level dialogue on energy, which is the first leader-level meeting on energy under the auspices of the UN General Assembly in 40 years.

These new commitments are expected to increase the installed capacity of renewable energy and significant improvements in energy efficiency around the world, a statement by the United Nations said.

“ National governments committed to install an additional 698 gigawatts (GW) of clean energy from solar, wind, geothermal, hydro and renewables-based hydrogen, and businesses, notably power utilities, pledged to install an additional 823 GW, all by 2030,”  said the statement.

During the summit, several partnerships and industry associations promised to mobilise an additional 3500 GW of renewables by 2030. There were more than 150 energy compacts by governments and civil societies.

“The Energy Compacts also include commitments to save energy equivalent to more than 7000 GW by implementing efficiency measures,” said a statement published by the United Nations.

The energy summit took place during  the UN General Assembly days where world leaders are looking for ways to keep the 1.5 degrees temperature target of the Paris Agreement within reach, and cut emissions by 45 percent by 2030.

According to the UN, there are around 760 million people worldwide who do not have access to electricity.