While investment in renewables has nearly tripled since the adoption of the Paris Agreement nerly eight years ago, poorer nations have been largely left out.

Rebeca Grynspan said that a “significant increase” in material support for renewable energy in developing countries is “crucial” for the world to reach its climate goals by 2030.

Ms. Grynspan said that more than 30 developing countries have not registered a single international investment in utility-size renewable energy generation since the landmark climate change treaty was adopted in 2015.

According to UNCTAD, the amount of foreign direct investment in clean energy attracted by developing countries in 2022 stood at $544 billion – well below needs.

In developing countries, the largest gaps in Sustainable Development Goal (SDGs)-related investments were in energy, water and transport infrastructure, UNCTAD said.

Foreign direct investment (FDI) is also on the decline, according to UNCTAD, as global flows fell by 22 per cent in 2022, to $1.3 trillion. In Least Developed Countries, the vast majority of which are in Africa, FDI inflows dropped by as much as 16 per cent.

UNCTAD stressed the importance of debt relief for developing economies, to provide them with the fiscal space needed for clean energy spending and to help lower country risk ratings, a prerequisite for attracting private investment.

pll/mgt/ifs