Developing countries can catch up with rich nations'renewables deployment within five years
NEW YORK,Oct. 15, 2024/PRNewswire/ -- New analysisfrom 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* - acrossLatin America,Africa,South AsiaandSoutheast Asia- display key traits and trends:
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 globalCOP28goal 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
SOURCE RMI