Mission Efficiency Creates Platform For Energy Efficiency Investment
Mission Efficiency creates platform for energy efficiency investment
Mission Efficiency Financing Charette group photo. Credit: Thomas Laursen
Energy efficiency and financial experts met for the first Mission Efficiency event to accelerate investments in energy efficiency, which accounts for more than 40-percent of the Paris Agreement
This week, Mission Efficiency concluded the first Energy Efficiency Financing Charrette. The event brought together energy efficiency and financial experts from around the world, successfully creating a new platform that will enable these two communities to work together to accelerate the scope and pace of energy efficiency projects globally.
The charrette format allowed for open exchanges of interdisciplinary viewpoints and ideas on multiple topics and in a short period of time. The event was hosted by the UNEP Copenhagen Climate Center (UNEP-CCC) along with Sustainable Energy for All (SEforALL) and the International Copper Association (ICA).
The top-level outcome of the event was an agreement by the participants to work with Mission Efficiency to develop a “Market Readiness Action Plan” to facilitate energy efficiency infrastructure and project investment. Working groups comprised of representatives from both the energy efficiency and financial sectors were formed on topic areas that will deliver this plan.
Participants in the Mission Efficiency financing charette recognized that a barrier to increased investment in energy efficiency is a lack of investment-grade energy efficiency projects. Crucially, the Market Readiness Action Plan will include the formation of a “Project Origination Facility” led by experts from across disciplines within the broad financial community. A primary function of the Project Origination Facility will be for its financial experts to partner with energy efficiency project developers to redefine project terms that will help to elevate them to investment-grade status. This will include a forum where energy efficiency projects will be evaluated regularly, and matchmaking will be done to connect these projects with appropriate financial institutions.
“There is a disconnect between energy efficiency and finance, so we are extremely happy to see organizations taking action on this critical aspect of climate action,” said Susanne Pedersen, director of UNEP-CCC, adding “we can no longer afford to leave the immense emissions reductions of energy efficiency untouched, if we want to achieve the Paris Agreement goals.”
“Energy efficiency is often overshadowed by other climate solutions,” said Brian Dean, Head of Energy Efficiency at SEforALL and Program Lead at Mission Efficiency. “We are confident the plans we laid out will elevate energy efficiency on the global climate agenda and will lead to much-needed new investments in this sector.”
“We co-convened this event because we knew fundamental change was needed to scale-up investments in energy efficiency,” said Steven Kukoda, Executive Director, ICA. “We see this event as a starting point of a longer and more inclusive effort that will lead to a paradigm shift on energy efficiency and its contributions to global climate action.”
A series of follow-up meetings will be held in the run-up to COP27, held in November in Sharm el-Sheikh, Egypt, with a goal of presenting new, financed energy efficiency projects at that event. Mission Efficiency will also work to increase representation in this initiative, and interested organizations are invited to contact efficiency@seforall.org to learn how to become a partner organization.
About Mission Efficiency
Mission Efficiency is a collective of commitments and actions from a coalition of governments, organizations and initiatives that come together to accelerate the transition towards energy efficient economies worldwide. The end-use sectors covered by Mission Efficiency collectively represent nearly all of global electricity consumption. The Mission Efficiency partners (formerly the Three Percent Club) bring the expertise to deliver solutions in these sectors that provide energy and climate action.
About the UNEP Copenhagen Climate Center
As a part of the United Nations Environment Programme (UNEP), UNEP-CCC is a leading international advisory institution on energy, climate and sustainable development, providing knowledge and capacity building for enhanced climate action, supporting developing countries and emerging economies pursue low-emission, climate-resilient pathways for sustainable development.
Sustainable Energy for All (SEforALL) is an independent international organization that works in partnership with the United Nations (UN) and leaders in government, the private sector, financial institutions, civil society and philanthropies to drive faster action towards the achievement of Sustainable Development Goal 7 (SDG7) – access to affordable, reliable, sustainable and modern energy for all by 2030 – in line with the Paris Agreement on Climate Change.
ICA brings together the copper industry to advance the UN Sustainable Development Goals and position copper as the material of choice. Headquartered in Washington, D.C., ICA has offices in three primary regions: Asia, Europe and North America. ICA and its Copper Alliance® partners are active in more than 60 countries worldwide.
