The Commonwealth Secretariat has unveiled a new publication to support member countries in accessing finance for clean energy systems.
The Commonwealth Guide to Public and Private Sector Financing for Clean Energy was presented at the 3rd Biennial Commonwealth Sustainable Energy Forum last week, at which senior officials, industry experts and youth representatives discussed the practicalities of achieving the global energy transition, including costs.
Globally, it will take an estimated US$4.2 trillion per year by 2030 to achieve universal access to affordable, reliable and modern energy services as well as deliver global climate goals. For many Commonwealth developing countries, this means quadrupling current investments in clean energy.
To help address this challenge, the guidebook aims to simplify the global financing landscape and support member countries in the development of successful funding proposals.
Broadening ambition and solutions
During the forum, Deputy-Secretary-General of the Commonwealth, Dr Arjoon Suddhoo, stated:
“To meet commitments [of the Paris Agreement], governments, financial institutions, and private sector entities must broaden ambition, commensurate to the scale of the climate threat, then follow up with real, short-term, accelerated implementation.
“All parties must work together to identify and address the barriers to accessing the financial and technological solutions required to facilitate action.”
Delegates stressed the critical role of collaboration between governments, development partners, and the private sector in unlocking finance and ensuring equitable investment flows.
They also discussed the need to balance climate action, securing universal energy, and ensuring economic growth, particularly in emerging and developing economies.
Head of Oceans and Natural Resources at the Commonwealth Secretariat, Dr Nicholas Hardman-Mountford, added:
“The Commonwealth Sustainable Energy Forum provides a valuable platform for genuine, useful discussions and 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.”
He said the guidebook outlines regional and international sources of financing and their specific requirements, as well as case studies of successful proposals.
- Josephine Latu-Sanft Senior Communications Officer, Communications Division, Commonwealth Secretariat
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