The United Nations recently announced that more than $1 trillion has been invested in its Energy Compact. While the investment highlights a global commitment to expanding clean energy access, experts say that's just a fraction of what's needed.
The Energy Compact is an initiative by countries, companies, and organizations under the UN to invest in clean energy, improve electricity access, and promote clean cooking. The latest Energy Compacts Annual Progress Report showed that $1.6 trillion has been invested, with $284 billion put to action since 2021, according to Power Technology.
The report revealed that approximately 285 million people have benefited from the agreement, with better access to clean energy. That doesn't include the more than 10,000 health facilities that now have access to it. Additionally, 2.8 million electric vehicles were added, along with more than 300,000 EV charging stations.
However, the report also stated that more than $4 trillion is needed annually to cover global needs for electricity and clean cooking. It showed that 660 million people have no access to electricity and that more than 2 billion rely on polluting cooking methods. Experts say that increasing the investment is more likely to help the UN meet its goal of achieving net zero carbon pollution by 2050.
"Choices made today will determine not only whether we achieve our climate and development goals," UN representatives said in a collective statement, per Power Technology. "But also how future generations experience prosperity, equity, and security."
Investing in clean energy isn't just good for the planet. It benefits consumers by providing a cheaper and renewable alternative to fossil fuels. It's also replacing jobs created by the fossil fuel industry while opening more positions. The UN estimated in 2023, 16.2 million people were employed in the renewable energy sector, up from 13.7 million in 2022.
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This massive investment highlights a global commitment to clean energy. Although more work is needed to meet energy goals, it's a step in the right direction to building a cleaner, safer future for all.
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