Developing countries need at least USD 1.7 trillion annually in funding, if they’re to successfully transition to renewable energy sources.
That is according to the latest United Nations Conference in Trade and Development (UNCTAD) World investment report. Yet in 2022 developing countries were only able to raise USD 544 billion in funding for renewables representing a massive shortfall in funding.
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This at a time when the battle against global warming and climate change is heating up globally. The last eight years have been the hottest in recorded human history.
With Africa poised to become the engine of global economic growth in the coming decades a green transition to industrialized nations is necessary to avoid adding to global carbon emissions.
“The fastest and most inclusive growth for Africa is aligned with that of a great green transformation. Targeted investment in the right infrastructure, starting with reliable and affordable access to renewable energy can catalyze a virtuous circle of continental growth, job creation and development pathways consistent with net zero emissions. Meanwhile these pathways also offer meaningful mechanisms for mobilization of resources to be re-invested in sustainable development and action,” said Vera Songwe senior fellow at The Brookings institution
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In the recent Africa climate summit hosted in Nairobi African leaders raised complaints about the fundamental unfairness of the global financial architecture. Their key demands were improved access to concessional loans, establishment of carbon markets to fund green infrastructure and fulfillment of promises made by developed nations to provide USD 100 billion towards climate funding.
With the right investments Africa represents the chance to become a global example of the power of renewable energy and green climate financing.
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