Annual investment in clean energy in emerging and developing economies needs to more than triple by the early 2030s to meet rising energy demand and align with the climate goals set out in the Paris Agreement, a report has shown.
Clean energy spending is required to rise to as much as $2.8 trillion from $770 billion in 2022, the International Energy Agency and the International Finance Corporation said in a report on Wednesday.
“Today’s energy world is moving fast, but there is a major risk of many countries around the world being left behind. Investment is the key to ensuring they can benefit from the new global energy economy that is emerging rapidly,” said Fatih Birol, the agency's executive director.
“The investment needs go well beyond the capacity of public financing alone, making it urgent to rapidly scale up much greater private financing for clean energy projects in emerging and developing economies.”
Two thirds of the finance for clean energy projects in emerging and developing economies, excluding China, will need to come from the private sector, the report said.
Private financing for clean energy in those economies needs to increase to about $1.1 trillion per year by the end of the decade, compared with current spending of $135 billion, the agency and the IFC said.
The report said that blended finance, where public funding is used in partnership with the private sector, will help reduce project risks.
Strengthening regulations, energy infrastructure and improving access to finance can help governments overcome challenges that deter renewable energy investments, including the high cost of capital, the report said.
“The battle against climate change will be won in emerging and developing economies where the potential for clean energy is strong but the level of investments is far below where it should be,” said Makhtar Diop, IFC's managing director.
“To address the pressing energy demands and emissions reduction goals in EMDEs [emerging and developing economies], we need to mobilise private capital at speed and scale and urgently develop more investable projects.”
Concessional financing will play a key role in projects that involve newer technologies that are not “cost-competitive” in many markets such as battery storage, offshore wind and low-emissions hydrogen, the report said.
About $80 billion to $100 billion of concessional finance will be needed every year by the early 2030s to attract private investment at the scale necessary for the energy transition, the report said.
It also highlighted the potential for issuing more green and sustainability-linked bonds for project financing.
A range of cross-cutting policy issues such as fossil fuel subsidies, lengthy licensing processes and unclear land use rights create barriers to investment or raise the cost of clean energy projects, the report said.
“Lifting these barriers will help emerging and developing economies benefit more fully from the opportunities of the new global energy economy.”
Investment in clean energy is set to reach $1.7 trillion this year, outpacing spending on fossil fuels, as countries look to address potential energy shortages, the agency said in a report last month.
Global energy investments in 2023 are projected to reach $2.8 trillion, with more than 60 per cent allocated for clean technologies, including renewables, electric vehicles, nuclear power and heat pumps, the Paris-based agency said in its World Energy Investment report in May.
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
