Investment in clean energy in developing economies needs to rise seven-fold by the end of the decade, the International Energy Agency has warned, calling for “urgent action” to mobilise cash.
Less than a fifth of the roughly $1.7tn of investment expected to go into clean energy this year is set to be spent in emerging and developing economies excluding China, according to estimates by the group.
The sum will need to rise from about $260bn this year to $1.4tn-$1.9tn per year by the early 2030s in order to hit climate goals and meet energy demand, the IEA said, but there is rising competition from richer nations.
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