A new report from RMI, Powering Up the Global South, reveals that the Global South is adopting cleantech at a faster rate than the Global North, positioning itself for sustainable growth through renewable energy. The research highlights that 75% of the region’s energy demand falls in a “sweet spot” for transformation—driven by declining fossil fuel imports, moderate income levels, and vast renewable resources.
Key findings include:
- Despite having 60% of the global population, the Global South produces just 20% of the world’s fossil fuels and is already a net importer. However, it holds 70% of global renewable potential.
- By 2024, 87% of energy generation capital expenditures will go toward clean energy. Solar and wind power in the region has grown by 23% annually over the past five years, now accounting for 9% of electricity generation, just five years behind the Global North.
- One-fifth of the Global South, including countries like Brazil, Morocco, Vietnam, and Egypt, has already surpassed the Global North in solar and wind energy deployment or the share of electricity in their energy mix.
The report underscores the need for accelerated action, calling for stronger domestic policies, reform of development banks, concessional financing, and technology transfers. With COP29 on the horizon, the time is ripe for nations to align their policies with the shifting economic landscape of cleantech.
Download the Report: Powering Up The Global South
Source: The Cleantech Path to Growth, by Vikram Singh, Kingsmill Bond
