The United Nations Conference on Trade and Development (UNCTAD) today called for urgent support to developing countries to enable them to attract significantly more investment for their transition to clean energy.

UNCTAD’s World Investment Report 2023 published today shows that much of the growth in international investment in renewable energy, which has nearly tripled since the adoption of the Paris Agreement in 2015, has been concentrated in developed countries.

Developing countries need renewable energy investments of about $1.7 trillion annually but attracted foreign direct investment in clean energy worth only $544 billion in 2022, according to the report.

Total funding needs for the energy transition in developing countries are much larger and include investment in power grids, transmission lines, storage and energy efficiency.

UNCTAD Secretary-General Rebeca Grynspan said: “A significant increase in investment in sustainable energy systems in developing countries is crucial for the world to reach climate goals by 2030.”

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Press release - UNCTAD calls for urgent support to developing countries to attract massive investment in clean energy