Global south secures less than 15% of investments in renewable energy

This came during the UN’s Summit of the Future held on 22-23 September in New York.

The term "global south" refers to developing economies in Asia, Africa, and Latin America, including BRICS nations. 

Al-Mashat pointed out that the shrinking financial space for energy investments hinders these countries' development efforts in line with UN sustainability goals.

She underscored the necessity of advancing the World Bank and the African Development Bank (AfDB) initiative to provide electricity to 300 million people across Africa by 2030.

Renewable energy in Africa and Egypt
 

Al-Mashat noted that Sub-Saharan Africa received only five energy investments in 2023, with total annual investments in renewable energy and infrastructure expansion amounting to about $20 billion — merely one-fifth of the $100 billion needed annually between 2024 and 2030. 

She explained that investment focuses on developed economies, with China creating a significant gap that hampers growth in developing countries.