The SDG 7 sets a goal that by 2030, all human beings, including those from Least Developed Countries (LDCs) and Small Island Developing States (SIDS), should have access to affordable, reliable, sustainable, and modern energy. In their Nationally Determined Contributions to the Paris Agreement, almost all countries, including LDCs and SIDS, have committed to investing in renewables and energy efficiency. With advances in technology, new renewable energy technologies are competitive against fossil energy technologies in virtually all countries.
We believe that many LDCs and SIDS can feasibly leapfrog to renewable energy and significantly reduce or avoid fossil energy use. However, LDCs and SIDS are still facing a number of challenges while pursuing low-carbon paths while developing their economies. Among these challenges, the outstanding ones include lack of innovative financing; new business models; and regulations and policies that are not sufficiently encouraging for private sector investment.
The objectives of this GEF led side event are to (1) foster a discussion on strategies to support sustainable energy development including micro-grid systems with broader financial support from the private sector in LDCs and SIDS; and (2) review high priority areas for strengthening government policy and regulation that will transform fossil energy based systems to renewable energy based systems in LDCs and SIDs. This side event will contribute to High Level Panels I, II, IV and VI.