Clean energy: Govt, biz leaders commit to triple investments in emerging economies
Davos: More than 20 ministries and CEOs from various countries, including India, joined a World Economic Forum Alliance on Wednesday to unlock an estimated USD 2.2–2.8 trillion needed for clean energy transition in the Global South.
Announcing the launch of the Alliance at its Annual Meeting 2024, the WEF said it will provide a platform for developing economies to raise awareness about their clean energy needs, share best practices and sustainably accelerate their energy transitions.
The Network to Mobilize Clean Energy investment from the Global South is made up of over 20 CEOs and government ministers, including from across Colombia, Egypt, India, Japan, Malasia, Morocco, Namibia, Nigeria, Norway, Kenya and South Africa.
The Forum also released a new report, Building Trust through an Equitable and Inclusion Energy Transition, that outlines a framework to guide policy makers and business leaders from the energy sector towards a just, equitable and inclusive energy transition, particularly in developing economies, which account for less than one-fifth of global clean energy investments.
The overall annual investment in clean energy in the Global South needs to triple from USD 770 billion currently to USD 2.2–2.8 trillion by the early 2030s, it said.
While recent spending has increased, the report finds that it remains concentrated in a few countries and sectors, with over 90 percent of investment growth having occurred in advanced economies and China since 2021.
Source : energy.economictimes.indiatimes.com
