Dear Ladies and Gentlemen, good morning.  

It’s a privilege for me to join this distinguished group today, on behalf of UNDP Administrator Co-chair of UN Energy, I welcome you all. 

This is more than just another energy forum. Here, SDG7 is not a statistic - not just gigawatts added. It means families cooking a meal, hospitals storing vaccines, and children studying with light. 

We are gathered today to launch the much-anticipated Energy Compact Progress Report. I want to focus not on progress but on the gaps that bring opportunities.  

Although between 2021 and 2024, $201 billion was mobilized or deployed for Energy Compact actions - nearly triple 2020 levels, this is still far below what’s required. 

And it’s not just the volume of investment that poses a challenge. We're also facing three systemic financial barriers that threaten to derail a just and inclusive energy transition: 

1.Unequal access to capital and investment flows:In 2023, international public finance for clean energy in developing countries totaled just $21.6 billion. 

2. Fossil Fuel Subsidies continue: Despite rapid advances in clean technologies, governments spent $620 billion on fossil fuel subsidies in 2023. Even within the G7, fossil fuel subsidies rose by over $40 billion from 2022.  

3. Debt burden is crippling investment capacity:In 2023, developing countries faced $1.4 trillion in external debt service.  

In an era of 35% tariffs on Chinese EVs only to the European market, how can we still hold on to hope for meaningful progress toward SDG7?  

Colleagues, we know that we are late. To meet the UAE Consensus - we need an estimated $31.5 trillion in investment.  

We must act now as UN-Energy. Collectively focusing on what we can do together. Reports are valuable, but it is time to move decisively from analysis to implementation:  

1. First, we must mobilize innovative financing for Global South. 

To meet the scale of investment needed, we must expand concessional finance and de-risking tools that attract private capital. With UNDP’s support, Zambia raised $96.7 million in the second phase of its $200 million Green Bond Programme. Initiatives like the G7 Italy–UNDP Energy for Growth in Africa and the Sustainable Energy Investment Accelerator are helping countries to develop bankable clean energy projects and reduce investment risks. 

2. Second, we must drive energy transition through South–South and Triangular collaboration. 

At the recent SCO Forum, China pledged 10 GW of wind and 10 GW of solar across member countries - an example of South-led regional cooperation. The expansion of BRICS and growing alignment among ASEAN and the African Union signal rising momentum. Initiatives like Mission 300 are already laying the groundwork to scale clean energy through peer learning and joint action across the Global South 

3. Third, we must embrace digitalization and AI to scale solutions and accelerate impact. 

AI is already transforming the way we manage energy systems. In light manufacturing alone, AI could reduce energy consumption by up to 8% by 2035.  

Through our AI Hub for Sustainable Development, created with African partners under the Italian G7 Presidency, UNDP is supporting 14 countries to harness AI in alignment with the African Union’s strategy. 

Let me conclude by quoting the UN Secretary- General who said in the High-Level Political Forum 2 months ago: ‘The clean energy future is no longer a promise. It’s a fact. An era, where nations have the security of energy autonomy. And the gift of power is a gift for all’ 

Colleagues, let’s ensure that the gift of power, the gift of sustainable energy is a gift for all.   

Thank you.