By 2023, global investments in renewable energy will have climbed to $1.8 trillion, a 40% rise from 2020 levels. China and other industrialized nations received the majority of these investments, with developing nations making up only 15% of the total.
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Nevertheless, these nations must also increase the amount of money invested in the creation of sustainable energy in order to tackle climate change. especially considering that these nations’ capital expenditures for solar-related projects—like photovoltaics—are more than twice as high as those of wealthy nations, per an IEA assessment.
Read also: https://theclimatepost.com/aiib-signed-mous-with-bndes-the-renewable-energy-financiers/
Less than $50 billion a year, or even a little percentage of the entire investment cost, would be enough to guarantee that everyone in developing nations has access to clean fuels and power.
