BAKU, Azerbaijan, March 28. The disparity in renewable energy financing received by the developed versus the developing countries has increased significantly over the past six years, said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, Trend reports.
She was addressing the 9th Berlin Energy Transition Dialogue,
“Today, it's important to drive forward the global energy transition in the interests of mitigation, energy security, economic diversification and also development. We are currently at a time of great uncertainty that has led to three-dimensional crises all happening at the same time: food, energy, and finance. They are greatly affecting some of the world's most vulnerable people, countries and economies, pushing millions back into poverty, especially energy poverty. Energy poverty is something we don't speak about enough,” she said.
Ogunbiyi noted that the world already is witnessing the global energy landscape changing dramatically, for example, renewable energy capacity in the EU is predicted to double between 2022 and 2027. This is great.
“It is important to stress that the energy crisis is global, it does affect the Global North and also emerging and developing countries. Global investments in renewable energy reached a record high in 2022. There was about 0.5 trillion dollars spent, but that only represented 40 percent less of the average investment that we need every year. 15% of the world's population only received 1.5% of the renewable energy investment, and this really has to change.
The disparity in renewable energy financing received by the developed versus the developing countries has increased significantly over the past six years. It is for this reason that we need to be creative and develop new approaches to ensure that we leave no-one behind when it comes to energy transition. This is why you have to be specific in context. We have to help countries develop country-specific solutions,” noted the UN representative.
Ogunbiyi believes that all governments need to prepare energy transition plans that take into consideration their reality to green growth.
“This is a critical policy tool and investment tool. It differs affordable, reliable, and clean energy for people who don't have energy, and, when I talk about reliable energy, I also mean electrification and clean cooking. Many developing countries have already demonstrated the willingness to do that with their leadership,” she explained.
---
Follow the author on Twitter: @Lyaman_Zeyn