FCC

Global South Surges Ahead in Renewable Energy Investment

2024-10-16

The Global South is rapidly surpassing the Global North in renewable energy deployment, with 87% of power investments in 2024 flowing into clean technologies, according to new research from RMI. Solar and wind generation in developing nations has grown by 23% annually over the past five years, putting them just five years behind advanced economies in the clean energy transition.

Countries across Latin America, Africa, South Asia, and Southeast Asia are capitalizing on their vast renewable potential, which accounts for 70% of global resources. Brazil stands out as the second-largest global contributor to wind and solar capacity growth in 2023, only behind China. However, regions like Africa and Southeast Asia lag, with renewables comprising just 5% of their power mix.

The findings, released ahead of COP29, highlight the need for a sixfold increase in annual clean energy financing to meet 2030 goals. Experts warn that failure to support developing nations in scaling clean energy projects could undermine global efforts to limit warming to 1.5°C.