Global New Energy Needs Boost New Equity
New report finds glaring disparities between investments in developed and developing countries, calls for substantial increase in financial flows from Global North to South.
22 February 2023 (International Renewable Energy Agency)
“…[G]lobal investment in energy transition technologies last year—including energy efficiency—reached USD 1.3 trillion. It set a new record-high, up 19% from 2021 investment levels, and 50% from before the pandemic in 2019…[but] still represents less than 40% of the average investment needed each year between 2021 and 2030…
…[And despite] reaching record-high annual investments exceeding USD 0.5 billion in 2021, investment in off-grid renewable solutions falls far short of the USD 2.3 billion needed annually in the sector between 2021 and 2030…[I]nvestments have become concentrated in specific technologies and uses. In 2020, solar photovoltaic alone attracted 43% of the total investment in renewables, followed by onshore and offshore wind at 35% and 12% shares…[M]ore funds need to flow to less mature technologies…
About 70% of the world’s population, mostly residing in developing and emerging countries, received only 15% of global investments in 2020…In 2021, investment per capita in Europe was 127 times that in Sub-Saharan Africa, and 179 times more in North America…Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of USD 0.7 trillion per year from fossil fuels to energy-transition-related technologies…” click here for more
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