Developing Countries Follow China’s Lead as First Clean Energy Investor

According to a joint report by the International Energy Agency and the International Finance Corporation, China accounts for the largest share of investment in clean energy among emerging market and developing countries.

The report, produced by the International Energy Agency of the Organization for Economic Co-operation and Development and its headquarters in Paris, as well as the International Finance Corporation, part of the World Bank Group, was released ahead of the “For a New Global Financial Pact”. summit, which will be held on Thursday and Friday in Paris.

The report highlights that “about $770 billion is annually invested in clean energy in emerging markets and developing countries, but the bulk of it is concentrated in a handful of major economic powers,” noting that China tops the list, accounting for two-thirds of this the amount with an investment of 511 billion US dollars is well ahead of them.

75% of these investments are concentrated in China, India and Brazil, the three main developing countries.

“Today, the energy world is developing rapidly, but there is a great danger that many countries of the world will remain outside it,” said Fatih Birol, Executive Director of the International Energy Agency.

According to the report, the 775 million people who are without electricity today live in emerging and developing economies, indicating that public and private investment in clean energy in emerging and developing countries must be increased by more than three times to reach between $2,200 and $2,800 billion a year. years from the beginning of the 1930s to 2050 to meet growing energy needs” while keeping warming within +1.5°C compared to the pre-industrial era.

And if you exclude China, then “the increase is greater, reaching seven times the annual volume of investment” at the level of 1400-1900 billion dollars.

Source: AFP

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