Currently, China registers the largest share of investments in clean energy sources among emerging and developing countries, according to a joint report by the International Energy Agency (IEA) and the International Finance Corporation (IFC). The report emphasizes the need for a rapid increase in private sector investments in this sector.
The report was released by the Paris-based IEA, which falls under the Organisation for Economic Cooperation and Development, and the IFC, which is part of the World Bank Group, ahead of the summit “For a New Global Financial Charter” set to be held in Paris.
The report confirmed that “about 770 billion dollars are invested annually in clean energy in emerging and developing economies, but the majority of it is concentrated in a handful of major economic powers.”
China tops the list, monopolizing two-thirds of this total with its investments reaching 511 billion dollars. This figure significantly outpaces Africa’s investments, which stand at 32 billion dollars.
75% of these investments are concentrated in China, India, and Brazil – the three major emerging economies.
China’s dominance in this field is evident in its development of photovoltaic solar power capabilities to produce 100 gigawatts of electricity by 2022. In just one year, China has achieved ten times the solar power capacity of the entire African continent, which stands at 11 gigawatts, according to experts.
Fatih Birol, the executive director of the International Energy Agency, said in a statement that “the energy world is evolving rapidly, but there is a significant risk that many countries in the world will be left out.”
According to the report, the 775 million people who are currently deprived of electricity live in emerging and developing economies.