GENEVA - The United Nations on Wednesday called for massive investment in clean energy in developing countries, noting that there was otherwise little hope of achieving any climate goals by 2030.
“We are at least a decade late in our efforts to combat global warming. Investment in renewable energy in developing countries is therefore essential and often the most economical way to bridge the energy gap. The report also said that fossil fuel subsidies around the world amounted to a record US$1 trillion in 2022 – eight times the value of subsidies provided to renewable energy.Climate change is here and now, says Desmond Lee; this is how Singapore is fighting back
UNCTAD’s report said that after a steep drop in 2020 and a strong rebound in 2021, overall global foreign direct investment declined by 12 per cent in 2022, to US$1.3 trillion.
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