IEA: private funds for energy transition

Emerging and developing countries will need to invest 2.8 trillion Dollars annually in clean energy starting in the early 2030s to meet climate goals and cover energy access. That’s according to a new report from the International Energy Agency (IEA) and the private sector arm of the World Bank (IFC). According to the report, this group of countries is currently investing 770 billion Dollars a year in clean energy – three-quarters of it in the three major emerging economies of China, India and Brazil. Financing the energy transition in these countries is „the most important challenge“ to achieving climate goals, said IEA Director General Fatih Birol at the presentation of the report.