Virtually all of those lacking electricity or without access to clean cooking fuels are in poor and emerging countries. Read more at straitstimes.com.
PARIS - Financing for clean energy in developing and emerging economies excluding China must increase seven-fold within a decade if global warming is to be capped at tolerable levels, the International Energy Agency said Wednesday.
The report comes on the eve of the two-day Summit for a New Global Financing Pact in Paris, which seeks to galvanise support for revamping the mid-20th century architecture governing financial flows from rich to developing nations. Under current policy trends, one third of the rise in energy use in these nations over the next decade will be met by burning fossil fuels, the main driver of global warming, the IEA warned.“The bad news is that more than 90 per cent of that increase in clean energy since the Paris Agreement in 2015 comes from advanced economies and China.”
And yet, nearly ten times more solar PV capacity was installed last year in China – some 100 GW – than across the entire African continent.According to the report, two-thirds of the finance for clean energy projects in emerging and developing economies excluding China will need to come from the private sector.
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