The United Nations trade body on Wednesday called for support for developing countries in attracting investments in renewable energy to ensure their transition to cleaner energy sources.
International investment in renewable energy has nearly tripled since the 2015 Paris Agreement but the increase has been focused in developed countries, the United Nations Conference on Trade and Development said in a report. “A significant increase in investment in sustainable energy systems in developing countries is crucial for the world to reach climate goals by 2030,” UNCTAD Secretary-General Rebeca Grynspan said in a statement.
The report estimated that developing countries need renewable energy investments of about $1.7-trillion annually. Last year, they attracted foreign direct investment in clean energy worth $544-billion, according to the report. Developing economies broadly include Africa, Latin America and the Caribbean, Asia with the exception of Israel, Japan, and South Korea, as well as Oceania without Australia and New Zealand.