To meet climate and development goals, low- and middle-income countries need to transform their power sector infrastructure at a scale and pace that is unprecedented. аIJʿª½± framework ¡°¡± maps out steps to support developing countries, with the help of development partners, to scale up affordable, secure, and reliable clean energy and phase down coal-fired electricity generation.
Poorer countries are stuck in a vicious cycle where they pay more for electricity; cannot afford the high upfront cost of clean energy; and are locked into fossil fuel projects. In essence they are paying a triple penalty for energy transition. The poverty trap is becoming an energy trap that is becoming a climate trap.
Developing countries struggle to overcome critical barriers that are paralyzing their power sector transition: high upfront costs of clean energy, costly capital, and weak energy sector fundamentals.
These countries receive only despite accounting for two-thirds of the global population. They need affordable financing, especially at the start of their energy transitions, to improve sector conditions and attract growing volumes of private capital.
¡°Scaling Up to Phase Down¡± outlines a 6-step vision to help developing countries create a virtuous cycle to accelerate the clean energy transition.
The Virtuous Cycle
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The Virtuous Cycle
Explore the six steps that can propel a pipeline of renewable energy projects in lower-income countries. Every stakeholder has a role.
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аIJʿª½± report serves as a roadmap to catalyze financing for energy transition in the developing world, which will need to reach $1 trillion yearly by 2030.
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Governments, development partners and private sector financiers address critical hurdles in transitioning to clean energy.
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Breaking Down Barriers to Clean Energy Transition
Developing countries face a triple penalty when transitioning to clean energy: They often pay more for electricity, cannot access clean energy projects, and are locked into fossil fuel dependency.
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Leading policy makers and financiers share insights on transition solutions during a Scaling Up to Phase Down preview event at COP27 in Sharm El-Sheikh, Egypt.
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