Investments in clean energy in emerging and developing economies must increase sevenfold, to more than $ 1 trillion a year in 2030, for the world to reach zero carbon in 2050, the International Energy Agency (IEA) said on Wednesday, in a dedicated report.

Some of the conclusions:

-Developing and emerging economies account for two-thirds of the world’s population but only one-fifth of investment in clean energy – and just one-tenth of global financial wealth.

-Emerging and developing economies are set to account for the bulk of emissions growth in the coming decades unless much stronger action is taken to transform their energy systems. 

-An unprecedented increase in clean energy spending is required to put countries on a pathway towards net-zero emissions. 

-Transforming the power sector and boosting investment in the efficient use of clean electricity are key pillars of sustainable development. 

-Clean power is central to development and transition strategies but cannot provide all the answers in economies undergoing rapid urbanisation and industrialisation. Transitions in fuels and energy-intensive sectors such as construction materials, chemicals and shipping are essential to achieve deep emissions reductions. 

-Affordability is a key concern for consumers, while governments have to pursue multiple energy-related development goals, starting with universal energy access. 

-Mobilising capital on a much larger scale will require a dramatic increase in the role of the private sector, and an enhanced role for international and development finance institutions will be critical to catalyse this investment.

Pease read the full report here