NEW DELHI: Annual investment in clean energy in the Global South, including India, needs to be increased by five to seven times to reach at least $1.7 trillion annually by the early 2030s to stay in line with the Paris Agreement mitigation goals, noted a report of the World Economic Forum (WEF) on how to unlock capital for such investment released on Wednesday.
Launching an innovative digital platform , outlining 100 proven policy measures that have successfully helped unlock capital for clean energy investment in 47 emerging markets and developing economies (EMDEs), the report appreciated India’s efforts noting how the country achieved its Nationally Determined Contributions (NDCs) - climate actions under the Paris Agreement pledges - target of 40% installed electricity capacity from renewables in November 2021, nine years ahead of schedule.
"India's coordinating role in global and national solar deployment places the nation at the forefront for solar development and investment," it said.
The digital platform, called Playbook of Solutions, offers practical insights on how these approaches can be replicated, adapted, and scaled by others to accelerate the global energy transition. It highlighted four integrated national approaches with a detailed analysis of success stories of India, Brazil, Chile and Egypt.
Though the report pitched for accelerating the clean energy transition and tripling renewables by 2030, as agreed by G20 nations in New Delhi last year, through a vast scale-up of investment and finance, it expressed a concern that the EMDEs get less than one-fifth of global energy investments despite they represent 90% of the growth in global energy demand by 2035 while hosting the lion's share of the global population.
It attributed such a low investment in EMDEs to "risk profiles and regulatory environments" that, it said, may not align with the preferences of many investors.
" Public-private partnerships and international cooperation will be key to ensuring an equitable and sustainable clean energy future for emerging economies,” Roberto Bocca, head of the WEF's Centre for Energy and Materials, was quoted as saying in the report.
“As the Playbook demonstrates, governments can create favourable investment conditions, multilateral development banks can bridge capital gaps and private investors can drive growth through innovative de-risking and financial strategies. All stakeholders have a critical role to play in applying this at scale," he said.
Launching an innovative digital platform , outlining 100 proven policy measures that have successfully helped unlock capital for clean energy investment in 47 emerging markets and developing economies (EMDEs), the report appreciated India’s efforts noting how the country achieved its Nationally Determined Contributions (NDCs) - climate actions under the Paris Agreement pledges - target of 40% installed electricity capacity from renewables in November 2021, nine years ahead of schedule.
"India's coordinating role in global and national solar deployment places the nation at the forefront for solar development and investment," it said.
The digital platform, called Playbook of Solutions, offers practical insights on how these approaches can be replicated, adapted, and scaled by others to accelerate the global energy transition. It highlighted four integrated national approaches with a detailed analysis of success stories of India, Brazil, Chile and Egypt.
Though the report pitched for accelerating the clean energy transition and tripling renewables by 2030, as agreed by G20 nations in New Delhi last year, through a vast scale-up of investment and finance, it expressed a concern that the EMDEs get less than one-fifth of global energy investments despite they represent 90% of the growth in global energy demand by 2035 while hosting the lion's share of the global population.
It attributed such a low investment in EMDEs to "risk profiles and regulatory environments" that, it said, may not align with the preferences of many investors.
" Public-private partnerships and international cooperation will be key to ensuring an equitable and sustainable clean energy future for emerging economies,” Roberto Bocca, head of the WEF's Centre for Energy and Materials, was quoted as saying in the report.
“As the Playbook demonstrates, governments can create favourable investment conditions, multilateral development banks can bridge capital gaps and private investors can drive growth through innovative de-risking and financial strategies. All stakeholders have a critical role to play in applying this at scale," he said.
