The World Economic Forum (WEF) has announced a new initiative to assist global majority nations accelerate clean energy investment solutions.
The Network to Mobilize Clean Energy Investment for the Global South was founded in Davos to help majority world nations attract sustainable flows of clean energy capital – towards a US$2.8 trillion funding goal.
The terms “global majority” or “majority world” nations refer to countries with less economic power and wealth, noting that the terms “third world” or “developing” countries are no longer considered accurate.
The network is made up of more than twenty chief executive offers and government ministers.
Nations involved in the project include Colombia, Egypt, India, Japan, Malaysia, Morocco, Namibia, Nigeria, Norway, Kenya and South Africa.
The initiative will provide a collaborative space for members to accelerate the energy transition in global majority nations.
It will spearhead the development of new policies and business models, de-risking tools and finance mechanisms.
The network will also exchange best practices to help nations meet their clean energy needs.
Clean energy investments need to grow from less than $150 billion to over $1 trillion per year over the next decade to meet net-zero targets, according to a recent report produced by the International Energy Agency, in collaboration with the World Economic Forum and the World Bank.
Also, at the WEF annual summit, leaders were called upon to demonstrate responsible leadership and cooperation in addressing climate change.
Leaders gathered to discuss a sustainable plan to achieve a carbon-neutral and nature-positive world by 2050 while supplying affordable, secure and inclusive access to energy, food and water.
Conversely, leaders also suggested that companies should pay an additional “green premium” – and select more expensive, but environmentally friendly technology.
The First Movers Coalition, members of the private sector that aim to advance climate technologies through members’ purchasing power, suggested the premium.
Meanwhile, a group of more than 250 of the world’s super-rich including Abigail Disney, Brian Cox and Valerie Rockefeller signed an open letter condemning inequality and calling for politicians to introduce wealth taxes to help pay for public services.
Source- WEF to unlock US$2.8 tr clean energy investment in global majority nations | FS Sustainability
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Associate Director, Investment Banking
Prachurjya has over 16 years of experience in investment banking with Acuity Knowledge Partners. At Acuity, he has led sector and product-specialist pilot teams across Capital Markets, ESG, Debt Advisory, Loan Syndications, Metals & Mining and Real Estate. He has been actively involved in setting up and on-boarding new ESG Advisory, ESG DCM and Sustainable Finance teams for various bulge bracket investment banks. Within DCM and Rating Advisory, he has been instrumental in helping the clients achieve over 30% in annual savings on both regular and adhoc tasks through standardization of the outputs and deployment of our proprietary BEAT tools.
Delivery Manager, Investment Banking
Puja has 7 years of extensive experience in ESG, Climate Change & Sustainability and she is supervising the ESG team at Acuity. She also has diverse experience in conducting ESIA, EHS compliance audits, ESG Risks and Controls, EHS & ESG Due Diligence assessments. Prior to joining Acuity, she was working with companies like KPMG Global Services, EY India and ERM India. She has expertise in provisioning extensive research requirements for clients through preparation of Peer Benchmarking, Target Compilation, Sustainability report, Sustainable Finance Updates and Sectoral ESG Thematic Detailing Engagement.
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