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Opinion
David Fickling

The Rich-Poor Divide on Clean Power Is Getting Wider

The solution is simple. Developed nations should unleash the flood of pent-up capital to help emerging economies fund their decarbonization efforts. 

India is still mostly reliant on coal for electricity generation.

India is still mostly reliant on coal for electricity generation.

Photographer: Dhiraj Singh/Bloomberg

To look at the way richer countries are spending money on the energy transition, you might think we’re within reach of bringing climate change under control.

Investment in clean energy has only accelerated in the years since Covid-19 struck. In the second half of the last decade, it grew at a 2% annual rate. Since 2020, that’s risen to 12% a year. This year, it will hit $1.4 trillion, the International Energy Agency wrote in its annual investment report Wednesday, putting green power comprehensively ahead of the roughly $1 trillion that’s being spent on fossil fuels.