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.
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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.