United Kingdom (Commonwealth Union)_ The Commonwealth Secretariat has introduced a new publication designed to assist member nations in accessing financing for clean energy systems. Unveiled at the 3rd Biennial Commonwealth Sustainable Energy Forum, the Commonwealth Guide to Public and Private Sector Financing for Clean Energy provides a valuable resource for senior officials, industry experts, and youth representatives engaged in discussions regarding the practicalities and costs associated with achieving the global energy transition.
Achieving universal access to affordable, reliable, and modern energy services, as well as meeting global climate goals, will necessitate an estimated annual investment of US$4.2 trillion by 2030. This presents a significant challenge for many developing countries within the Commonwealth, which will need to quadruple their current investments in clean energy. To address this challenge, the guidebook offers a simplified overview of the global financing landscape and aims to support member countries in formulating successful funding proposals.
During the summit, Dr. Arjoon Suddhoo, Deputy-Secretary-General of the Commonwealth, emphasized the need for broadened ambition and solutions to fulfill the commitments of the Paris Agreement. Governments, financial institutions, and private sector entities must increase their level of ambition to match the scale of the climate threat, followed by accelerated implementation of concrete, short-term actions. Suddhoo also stressed the importance of collaboration among all stakeholders to identify and overcome barriers to accessing the financial and technological solutions necessary for effective climate action. Suddhoo stated, “To meet commitments [of the Paris Agreement], governments, financial institutions, and private sector entities must broaden ambition, commensurate with the scale of the climate threat, then follow up with real, short-term, accelerated implementation”. He said, “All parties must work together to identify and address the barriers to accessing the financial and technological solutions required to facilitate action.”
Dr. Nicholas Hardman-Mountford, Head of Oceans and Natural Resources at the Commonwealth Secretariat, emphasized the value of the Commonwealth Sustainable Energy Forum as a platform for meaningful discussions and the sharing of experiences among member countries, specifically on vital topics such as energy finance. The newly launched guidebook incorporates lessons learned from various Commonwealth nations, offering valuable insights and case studies. He stated, “The Commonwealth Sustainable Energy Forum provides a valuable platform for genuine, useful discussions and the sharing of experiences amongst member countries around critical topics such as energy finance. The new guide launched today has captured various lessons learned from around the Commonwealth, which other members might also find useful.”
Forum delegates highlighted the major role of collaboration between governments, development partners, and the private sector in unlocking finance and ensuring equitable investment flows. Further, they underscored the significance of striking a balance between climate action, universal energy access, and economic growth, especially in emerging and developing nations. The new guide outlines regional and international sources of financing, along with their specific requirements, providing a comprehensive resource for member countries seeking to secure funding for clean energy projects.
