Global leaders call for more renewable energy investment for developing countries

World leaders on Tuesday stressed the critical need for financial support from rich countries to help developing nations achieve a three-fold increase in renewable energy capacity, a call to action made at the Global Renewables Summit, held alongside the UN General Assembly.

Kenyan President William Ruto has expressed concern about the technological potential that exists to triple renewable energy in line with COP28 goals, but has said that without financial support, developing countries risk missing out on the benefits of clean electricity. Ruto noted the stark contrast in investment, crediting Africa with less than 50% of global investment in renewable energy, despite its abundant solar resources.

European Commission President Ursula von der Leyen supported this view, pointing to the need for significant investment and a regulatory framework. Similarly, Barbadian Prime Minister Mia Mottley stressed that subsidies for fossil fuels far outweigh those for renewable energy, making clean energy projects more expensive for small countries. The summit called on governments to adopt policies to attract up to $1 trillion in clean energy investments by 2030, highlighting the economic opportunities associated with renewable energy.

(Based on information from the agency.)