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IEA: Green energy investment in emerging countries must triple by 2030

21 June 2023

Investments in clean energy in developing countries and emerging economies should triple by 2030 to be in line with international goals to limit climate change, reports the EFE agency.

In a report published on Wednesday, the International Energy Agency (IEA) and the International Finance Corporation (IFC, an entity of the World Bank) estimate that investments should go from 770 billion dollars in 2022 to at least 2,800 billion annually in the beginning of the 2030 decade, according to Agerpres.

In addition, IEA and IFC emphasize that public funds alone will not be sufficient to provide universal access to energy in these countries and to face climate change.

In reality, private financing will have to multiply by a net factor higher and exceed the current $135 billion to reach at least $1.1 trillion annually by the beginning of the next decade.

The authors of the study believe that the form of mobilizing private money is together with a public financing association that must help reduce the risk of the projects.

In total, two-thirds of clean energy money should come from private sources.

The executive director of the IEA, Fatih Birol, emphasizes that the energy field is currently “moving fast, but there is a great risk that many countries will be left behind.”

“The required investment is far beyond the capacity of public financing alone, which makes it urgent to rapidly scale up more private financing for clean energy projects in emerging and developing economies,” Birol said.

The report was presented ahead of a meeting organized by French President Emmanuel Macron on Thursday and Friday in Paris in search of a new global pact to fight poverty and measures to combat climate change.

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