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Low Clean-Energy Spending in Poor Countries Puts Climate Goals in Peril

Investments in developing markets need to reach $1 trillion by 2030, up from just $150 billion last year, according to a new IEA report.

Photographer: Dhiraj Singh/Bloomberg

As the world’s richest economies invest in new and cleaner power supplies, it’s vital for everyone that poorer nations don’t get left behind. Investments in clean energy in these economies will need to surge to over $1 trillion a year by the end of the decade in order to meet global climate goals, up from less than $150 billion in 2020, according to a new report the International Energy Agency.

Already, developing and emerging markets have seen annual investments in the energy sector fall around 20% since 2016. It’s a stark contrast to European countries and the U.S. that pioneered the burning of fossil fuels, but are now able to spend a lot more to cut their carbon footprints.