Developing countries can catch up with rich nations' renewables deployment within five years

NEW YORK, Oct. 15, 2024 -- New analysis from RMI finds that renewable energy deployment is growing faster in developing and emerging economies than in advanced economies, with some developing countries overtaking Western counterparts.

It shows that 3/4 of developing economies' energy demand is in the 'sweet spot' of change based on their level of fossil fuel imports, income and available renewable resource. The research finds these developing economies* - across Latin America, Africa, South Asia and Southeast Asia - display key traits and trends:

• Investment pivot: 87% of power investment is flowing into cleantech in 2024 already, up from around half 10 years ago.
  
  
• Fossil fuel peak: Demand for fossil fuels has peaked already in a third of developing economies, while it's set to peak in electricity by 2030.

As a result, these developing and emerging economies are currently only five years behind the clean energy transition underway across advanced economies in aggregate, with solar and wind already accounting for 9% of the power mix.

Vikram Singh, Sr. Principal Global South, RMI said: "Ramping up large-scale clean energy investment in developing countries will super-charge economic growth, increase energy security and drive greater energy access. It's also a critical part of meeting the global COP28 goal of tripling renewables and doubling energy efficiency. Now the world faces a clear choice - either support developing nations to seize the opportunity of exponential clean energy growth or risk missing our last chance to keep 1.5C within reach."

Media: Leah Komos, lkomos@rmi.org

View original content:https://www.prnewswire.co.uk/news-releases/developing-economies-move-away-from-fossil-fuels-in-clean-energy-surge--continued-investment-will-ensure-they-become-renewable-energy-powerhouses-302276531.html