Key Findings of the Energy Progress Report

• Despite concerted efforts, the report indicates that we are currently off track to meet SDG 7 by 2030. This goal aims to ensure everyone has access to affordable, reliable, sustainable, and modern energy.
• While there have been strides in certain areas like the increased use of renewable energy sources in power generation, the overall progress falls short of the targets outlined in SDG 7.
• Renewable Energy Investments Led by Solar Power: Solar power technologies made up 53% of all global investments in 2021, closely followed by wind at 41%. It is projected that by 2025, renewable sources will overtake coal as the primary source of electricity generation.
• The Need for Fair Financial Flows: There is a call for multilateral financial institutions to distribute financial resources more evenly across the globe. This would support the deployment of renewable energy technologies and the development of necessary infrastructure.
• Improvement in Energy Intensity: Energy intensity, or the amount of energy used per unit of GDP, improved by 1.8% annually from 2010-2020. Despite this, the rate of improvement has slowed down in recent years, highlighting the need for accelerated progress to meet the SDG target.

Challenges in Achieving SDG 7

• Lack of Funding: The report notes a decrease in international public financial flows for clean energy in low- and middle-income countries, limiting the scope for new investments.
• Rising Energy Prices and Increasing Debt: These two factors are exacerbating the challenge of achieving universal access to clean cooking facilities and electricity.
• Access to Clean Cooking and Electricity: The report warns that without more decisive action, an estimated 1.9 billion people will still lack clean cooking facilities, and 660 million will not have access to electricity by 2030.
• Renewable Energy in Heating and Transport: The report highlights the slow progress in increasing the share of renewable energy in heating and transport sectors, which account for over three-quarters of global energy consumption.

India's Progress as Highlighted in the Report

• India, as per the report, received the highest amount of international public financial flows in 2020-21, totaling $2.9 billion. Of this, 66% was allocated to solar energy projects.
• India has the largest number of people without access to clean cooking facilities, with 505 million people affected. This is followed by China, with 296 million people lacking access.
• India has shown progress in expanding access to solar energy, with 15 million people now connected to off-grid solar products.

Conclusion

• Despite some progress in specific areas, the world is not currently on track to achieve SDG 7 by 2030.
• To meet the targets and ensure universal access to affordable, reliable, sustainable, and modern energy, structural reforms in international public finance and increased investment are necessary.

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