Washington D.C. – A new report from the International Energy Agency, World Bank, and the World Economic Forum finds that annual clean energy investments in emerging and developing economies will need to increase sevenfold – to more than $1 trillion by 2030 – to put the world on track to achieve net-zero emissions by 2050.
Lily Odarno, director of energy development and climate in Africa at Clean Air Task Force commented on the report:
“We support the direction of this new report, as well as its clear acknowledgment of the massive imbalances that make decarbonization in the developing world more challenging. We certainly need to rapidly deploy a diverse set of financing options to support the clean energy transition in developing economies. But ultimately, it is important that these countries, particularly the least developed ones in Africa, have the agency to develop strong economies. This will position them to contribute meaningfully to an energy transition that is tailored to their unique resources and energy needs. That agency is crucial to reconciling the need for increased affordable energy access in many developing countries with the imperative to decarbonize our global economy.”
Odarno joined CATF this year to lead the launch of a new program to address the dual needs of expanding affordable energy in developing economies and creating a global decarbonized energy system. She focuses on reframing the global energy access debate to better clarify the relationship between development needs and global climate goals, and to calibrate international efforts to the actual needs of developing nations. She is initially focused on sub-Saharan Africa.
About the Clean Air Task Force
Clean Air Task Force (CATF) is a non-profit organization working to safeguard against the worst impacts of climate change by catalyzing the rapid global development and deployment of low-carbon energy and other climate-protecting technologies. We work towards these objectives through research and analysis, public advocacy leadership, and partnership with the private sector. With nearly 25 years of nationally and internationally recognized expertise on clean air policy and regulations and a fierce commitment to fully exploring all potential solutions, CATF is an environmental advocacy group with the bold ideas needed today to solve the climate crisis. CATF is headquartered in Boston, with staff working virtually around the U.S. and abroad.