Brazil is hosting this year's U.N. sustainability conference. Kandeh Yumkella, director general of the U.N. Industrial Development Organization, said financial commitments of more than $50 billion would help fund universal energy access and the advancement of a green economy.
"Hundreds of millions of beneficiaries in developing countries will gain improved access to energy through grid extension and off-grid solutions, as well as scaled-up renewable energy sources, increased investment and improved energy policies," he said in his address to the conference.
Brazil, he said, has committed $4.3 billion to achieve universal energy access domestically by 2014.
U.N. Secretary-General Ban Ki-moon said the conference marked the beginning of a better future.
"Rio+20 marks the beginning of a journey that will lead to a more sustainable and better future for ourselves and for generations to come," Ban's statement to the conference read.
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