The world must support the deployment of clean energy in developing countries much more massively, otherwise it will not succeed in limiting global climate change, underlines the International Energy Agency (IEA) in a report published on Wednesday .
Investment in green energies has been declining for several years in emerging and developing countries (excluding China), and the Covid crisis has not helped: the current amount would have to be multiplied by seven, to reduce it by some 150 billion dollars per year to more than 1,000 billion per year by 2030 and thus put the globe on the path of carbon neutrality by 2050, calculated the IEA. “We are engaged in a race for carbon neutrality: it is not a race between countries, but against time“, Told AFP the director of the AIE, Fatih Birol:”there will be no winner if not everyone crosses the finish line».
90% of emissions growth
Or «developing regions, home to two-thirds of the world’s population, generate 90% of emissions growth but receive only 20% of clean energy fundingHe adds. “If we do not act quickly to accelerate these investments, this topic will become the most critical fault line in the fight against global warming.».
At this stage of the known energy plans, the CO2 emissions of these economies in Asia, Africa or Latin America are expected to grow over the next 20 years – when those of advanced economies decline and those of China stabilize. The IEA report, published in collaboration with the World Bank and the World Economic Forum, highlights the importance of private finance. But international action and public funds will have to play the role of catalysts, he adds, in environments that are not always favorable: lack of visibility on projects and strategies, sometimes limited infrastructure or deficient national finances, monetary instability …
«Globally, there’s no shortage of money, but it’s not going where it’s needed most», Summarizes Fatih Birol. “Governments must give international financial institutions the strategic mandate to finance energy transitions in developing countries“, Underlines the economist, who calls on the leaders of the G7 to seize it.
100 billion: a floor more than a ceiling
In this context, the 100 billion dollars annually in climate finance, which the countries of the North have committed to pay to the South within the framework of the UN climate negotiations and the Paris Agreement, are “a floor“, Underlines the IEA, surely”not a ceiling».