Annual investment in clean energy in emerging and developing economies will need to increase sevenfold by 2030 if the world is to reach net-zero emissions by 2050, according to a new report from the International Energy Agency. Financing Clean Energy Transitions in Emerging and Developing Economies is a collaboration between the IEA, the World Bank and World Economic Forum.
Wednesday, 9 June, 2021 - 06:15
Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, US, May 29, 2020. REUTERS/Bing Guan/File Photo/File Photo Asharq Al-Awsat
The world has no option other than to finance a huge, sevenfold surge in investment into clean energy in emerging and developing economies if climate goals are to be met, an IEA report said Wednesday. In many emerging and developing economies, emissions are heading upwards while clean energy investments are faltering, creating a dangerous fault line in global efforts to reach climate and sustainable energy goals, said IEA Executive Director Fatih Birol.
09 Jun 2021 / 15:53 H. Pix for illustration purposes.
PARIS: The world has no option other than to finance a huge, sevenfold surge in investment into clean energy in emerging and developing economies if climate goals are to be met, an IEA report said Wednesday.
“In many emerging and developing economies, emissions are heading upwards while clean energy investments are faltering, creating a dangerous fault line in global efforts to reach climate and sustainable energy goals,“ said IEA Executive Director Fatih Birol.
The Financing Clean Energy Transitions in Emerging and Developing Economies report calculated that annual clean energy investment must increase more than sevenfold from less than $150 billion (RM 617.7 billion) in 2020 to more than $1 trillion (RM 4.1 trillion) by 2030 if the world is to reach net-zero emissions by 2050.
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