Global South Surges Ahead in Renewable Energy Investment
POWER & RENEWABLE ENERGY

Global South Surges Ahead in Renewable Energy Investment

The Global South is rapidly surpassing the Global North in renewable energy deployment, with 87% of power investments in 2024 flowing into clean technologies, according to new research from RMI. Solar and wind generation in developing nations has grown by 23% annually over the past five years, putting them just five years behind advanced economies in the clean energy transition.

Countries across Latin America, Africa, South Asia, and Southeast Asia are capitalizing on their vast renewable potential, which accounts for 70% of global resources. Brazil stands out as the second-largest global contributor to wind and solar capacity growth in 2023, only behind China. However, regions like Africa and Southeast Asia lag, with renewables comprising just 5% of their power mix.

The findings, released ahead of COP29, highlight the need for a sixfold increase in annual clean energy financing to meet 2030 goals. Experts warn that failure to support developing nations in scaling clean energy projects could undermine global efforts to limit warming to 1.5°C.

The Global South is rapidly surpassing the Global North in renewable energy deployment, with 87% of power investments in 2024 flowing into clean technologies, according to new research from RMI. Solar and wind generation in developing nations has grown by 23% annually over the past five years, putting them just five years behind advanced economies in the clean energy transition. Countries across Latin America, Africa, South Asia, and Southeast Asia are capitalizing on their vast renewable potential, which accounts for 70% of global resources. Brazil stands out as the second-largest global contributor to wind and solar capacity growth in 2023, only behind China. However, regions like Africa and Southeast Asia lag, with renewables comprising just 5% of their power mix. The findings, released ahead of COP29, highlight the need for a sixfold increase in annual clean energy financing to meet 2030 goals. Experts warn that failure to support developing nations in scaling clean energy projects could undermine global efforts to limit warming to 1.5°C.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code