Member Login Follow THIQAH on
IsDB establishes ‘Sustainable Energy for All’ Hub in the Middle East
IsDB establishes ‘Sustainable Energy for All’ Hub in the Middle East
Lisbon, Portugal/ May 08, 2018: The Islamic Development Bank (IsDB) today announces plans to establish a world class renewable energy Hub for the Middle East at its Headquarters in Jeddah, Saudi Arabia.
The new Hub, which will support access to energy, scaling up of renewable energy, and improve energy efficiency in the Middle East region, is being created through a partnership agreement between IsDB and the ‘Sustainable Energy for All’ (SEforAll) -- a nonprofit International Organization set up by the UN and World Bank.
The mandate of SEforALL is to accelerate the achievement of Sustainable Development Goal 7 (SDG7) --- which calls for universal access to sustainable energy by 2030 --- and the Paris Climate Agreement which calls for reducing greenhouse gas emissions so as to lower global warming to below 2 degree Celsius.
The Hub will enable exchange of ideas and transfer of technology in renewable energy solutions, which have recorded competitive prices and reliability in recent years. It will also work with governments and private sector to boost energy efficiency in the commercial and residential sectors. It is expected that the Hub will raise awareness at national and regional levels about the challenges, constraints, and opportunities available for achieving the three core objectives of SDG7, namely (i) ensuring universal access to modern energy services, (ii)doubling the share of renewable energy in the global energy mix, and (iii) doubling the global rate of improvement in energy efficiency
For fragile Middle East member countries with challenge of energy access,, the Hub will assist them in developing plans for reconstruction of their energy sector, as well as leverage resources and synergies of SEforALL partners worldwide to boost energy access, scale up renewable energy and enhance energy efficiency in the region.
The IsDB strongly believes that science and technology are increasingly providing solutions to numerous development challenges like climate change than ever before, and by investing in this critical sector, countries can give their people the tools they need to build a sustainable and inclusive future. In this context, the IsDB Group, in February 2018, launched a new initiative called ENGAGE --- an online ecosystem that connects scientists, innovators, and entrepreneurs from all over the world – and in April, it launched a US $500 million TRANSFORM Fund which is one of the largest funds of its kind that provides seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB’s member countries.
Mr. Amadou Thiemo Diallo, Director Economic and Social Infrastructure Department, who signed the agreement said: “The IsDB believes in finding innovative and sustainable solutions to the world’s greatest development challenges by bringing together the public and private sectors, innovators and entrepreneurs. So we are delighted to be supporting this important initiative which could help tackle climate change, a problem which impacts the lives of so many people in our member countries.”
Rachel Kyte, CEO and Special Representative of the UN Secretary-General, said: “We are delighted to be working with the IsDB in addition to the UN system to develop an SEforALL Middle East Hub that will support faster progress on Sustainable Development Goal 7. Working together, the hub will provide a resource to countries as they manage their energy transitions. The countries served by the IsDB include some of the most advanced in their transitions and others who need policy, technology and finance support to pick up the pace of progress.”
The agreement for the new Hub was signed in Lisbon, Portugal during the Sustainable Energy for All Forum held on 2-3 May 2018, which was attended by more than 850 leaders representing government, business, civil society and international organizations.
|