Global Leaders Call for Increased Investment in Renewable Energy for Developing Nations

World leaders on Tuesday emphasized the critical need for financial support from wealthy nations to assist developing countries in achieving a threefold increase in renewable energy capacity. This call to action was made at the Global Renewables Summit, held alongside the UN General Assembly.

Kenyan President William Ruto expressed concern over the technological capabilities that exist to triple renewable energy as per COP28 goals, but stated that without financial backing, developing countries might miss out on clean electricity benefits. Ruto noted the stark contrast in investment, attributing less than 50% of global renewable energy investments to Africa despite its rich solar resources.

European Commission President Ursula von der Leyen supported this view, pointing out the necessity for substantial investments and regulatory frameworks. similarly, Barbados Prime Minister Mia Mottley highlighted that fossil fuel subsidies far exceed those for renewable energy, making clean energy projects costlier for small states. The summit governments to adopt policies to attract up to $1 trillion in clean energy investments by 2030, emphasizing the economic opportunities tied to renewable energy.

(With inputs from agencies.)