'A green transition will remain out of reach if the world doesn't help developing countries attract more investment in clean energy,' the UN said Wednesday as UNCTAD released this year's World Investment Report.
in 2015. The 17 sweeping goals include eradicating poverty and hunger, achieving gender equality, boosting education and public health, and taking urgent action on climate change.
The UNCTAD report showed that international investment in renewable energy production, including solar and wind, grew 8% in 2022, down from 50% growth reported in 2021, while battery manufacturing tripled to more than $100 billion last year. "We are at least a decade late in our efforts to combat global warming," warned U.N. Secretary-General António Guterres in the report's introduction."Investment in renewable energy in developing countries is therefore essential and often the most economical way to bridge the energy gap," the U.N. chief added.
"The growth of green finance in global capital markets, with sustainable bonds growing fivefold in five years, shows that the appetite among private investors to fund climate change mitigation is there," Grynspan asserted."The task is now to channel those funds to where they are most needed to support the transition and to provide affordable access to electricity for all."
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