Providing access to sustainable energy to an additional 500 million people by 2030.
That’s the aim of “Energizing Development”, a new initiative unveiled by the European Commission on Monday. With a budget of 50 million euros, the EU will give technical advice to those developing countries who choose to participate in the programme.
Led by the United Nations Secretary General Ban Ki-Moon, the plan also seeks to improve energy efficiency and double the amount of renewable energy currently used.
The EU wants the private sector to get involved. To encourage companies to participate, Brussels will create guarantee schemes with banks to provide investors more assurance that their money is safe.
Mid and long-term private investment has been scarce. Many companies still fear the risks of funding renewable energies are too high while benefits are too slow to emerge.
Around 1.3 billion people around the world have no access to electricity. Almost 3 billion people globally still use wood, charcoal or animal waste to cook and keep warm.