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July 5 (UPI) — The United Nations emphasized on Wednesday that while global investments in clean energy have tripled in developed countries, it is the developing nations that require the most support for a comprehensive energy transition. The U.N. Conference on Trade and Development (UNCTAD) revealed that developing nations are significantly lagging behind in terms of the necessary funding, with a shortfall of approximately $1.7 trillion, despite only attracting $544 billion so far.
“A significant increase in investment in sustainable energy systems in developing countries is crucial for the world to reach climate goals by 2030,” stated UNCTAD Secretary-General Rebeca Grynspan.
This issue of inadequate investment for developing economies has been a recurring theme. The International Renewable Energy Agency, backed by the U.N., reported earlier this year that advanced economies, including China, the European Union, and the United States, accounted for 60% of the total growth in the alternative energy sector last year.
The International Energy Agency in Paris further highlighted the uneven progress and stressed the need for the global economy to diversify and explore alternatives to avoid over-dependence, such as the pre-war energy ties between Russia and the European Union.
UNCTAD noted that the lack of support for developing nations can be partly attributed to global inflation and the war in Ukraine. However, there may be some assistance on the horizon.
In 2021, U.S. President Joe Biden pledged to work with Congress to quadruple U.S. climate support for developing countries to over $11 billion per year by 2024. Additionally, in April, he announced that $1 billion in U.S. government aid had been allocated to a fund aimed at helping developing nations enhance their climate infrastructure.
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