Rapid Growth: Global South Takes The Lead in Renewable Energy Deployment
The Global South is quickly surpassing the Global North in the deployment of renewable energy technologies, a new study by RMI has revealed. According to the research, a staggering 87% of power investments in 2024 were directed towards clean technologies in developing nations. This remarkable progress showcases the immense potential and ambition of these regions in driving the global transition to clean energy.
Clean Energy Revolution
Over the past five years, solar and wind generation in the Global South has experienced an impressive growth rate of 23% annually. This indicates that these nations are only about five years behind their advanced economy counterparts in the clean energy transition. Such advancements are major milestones in the fight against climate change and demonstrate the determination of developing nations to play a key role in building a sustainable future.
In particular, countries in Latin America, Africa, South Asia, and Southeast Asia are capitalizing on their abundant renewable resources, which account for an astonishing 70% of the world’s total. Among these nations, Brazil stands out as the second-largest contributor to wind and solar capacity growth in 2023, trailing only behind China. These achievements speak volumes about the dedication and commitment exhibited by countries in the Global South.
The Need for Continued Support
While progress in renewable energy deployment has been significant, there are regions that still lag behind. Some areas in Africa and Southeast Asia, for example, have renewables comprising only 5% of their energy mix. These numbers highlight the importance of continuous efforts to provide financial and technical support, enabling these regions to catch up with the Global South’s renewable energy momentum.
The unveiling of these findings ahead of COP29 serves as a reminder of the pressing need for proactive steps to be taken. To meet the clean energy targets set for 2030, a sixfold increase in annual clean energy financing is required. The urgency of this proposition cannot be overstated.
Experts stress that failure to aid developing nations in scaling up clean energy projects could undermine global efforts towards limiting global warming to 1.5°C. Cooperation between developed and developing countries, sharing technology, and best practices is crucial in achieving success on a global scale.
A Triumph for Renewable Energy
The remarkable endeavors of countries in the Global South to embrace renewable energy are turning the tide in the fight against climate change. This success is not only an achievement for these nations but also serves as an inspiration for the rest of the global community.
As investments pour into clean technologies, and wind and solar capacity continue to surge, the barriers that once impeded the clean energy revolution are slowly being dismantled. The Global South is emerging as a driving force, leading the charge towards a sustainable future powered by renewable energy.
By bridging the gap with developed economies in a relatively short timespan, developing nations are catapulting themselves into positions of leadership and influence in the international clean energy arena. Now, it’s imperative that the entire world rallies behind them in solidarity. The ambitious act of supporting clean energy projects in the Global South marks a defining moment in our shared journey to a greener, more sustainable world.
