彭博-在新兴市场调动资本-英

MobilizingCapital

in

andto

EmergingMarketsCommissioned

byDecember

1,

2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023ContentsSection1.Section2.Executivesummary2Stateof

energytransitioninvestment2.1.

Energysupplycapitalinvestment782.2.

Energysupplybank-facilitatedfinancing18Section3.Countryprogressandinvestmentshowcase3.1.

Argentina212226303337413.2.

Brazil3.3.

Egypt3.4.

India3.5.

SouthAfrica3.6.

VietnamSection4.Section5.Acceleratingandexecutingthe

transition4.1.

External

factors454747494.2.

Intrinsicfactors4.3.

EconomicpoliciesTransformationalinitiatives53535455575.1.

Multilateraldevelopment

banks5.2.

Countryplatforms5.3.

Managedphaseoutofcoal5.4.

VoluntarycarbonmarketsAppendixA.AppendixB.Understandingthe

costof

capital6065Howthisresearchrelates

to

commonlyreferencedframeworksAbout

us70TableoffiguresFigure1:Low-carbonenergysupplyinvestments,bycountrygroup

4Figure2:Shareoflow-carbonenergysupplyinvestments,

bycountrygroup

4Figure3:EMDEenergy

supplycapitalinvestment

andbank-facilitatedfinancing

7Figure4:EnergysupplycapitalinvestmentinEMDEs

8Figure5:Globalenergy

supplycapitalinvestment

9Figure6:Energysupplycapitalinvestmentbycountrygroup

10Figure7:Fossilfuel

supply

capitalinvestment

inEMDEs

11Figure8:Changeinfossilfuelsupplycapitalinvestment,2021-22

11Figure9:Low-carbonenergysupplyinvestments,bycountrygroup

11Figure10:Shareoflow-carbonenergysupplyinvestments,

bycountrygroup

11Figure11:EMDElow-carbonenergysupplyinvestments,bysector

12Figure12:EMDErenewableenergyinvestments,bysub-sector

12Noportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

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applies

throughout.©BloombergFinanceL.P.2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023Figure13:EMDErenewableenergyinvestment,bycountry

13Figure14:EMDErenewableenergyinvestment,byWorldBankincomegroup

13Figure15:EMDErenewableenergyinvestments,2021-22

change

13Figure16:ShareofnetcapacityadditionsinEMDEs

14Figure17:CapacityadditionsinEMDEs

14Figure18:Mostpopularnewpower-generatingtechnologyinstalled,2022

15Figure19:Globalutility-scalerenewableenergyforeigndirect

investment,byrecipient

group

16Figure20:Utility-scalerenewableenergyforeigndirectinvestmentto

EMDEs,byownership

16Figure21:Utility-scalerenewableenergyforeigndirectinvestmentto

EMDEs,bytypeof

investor

16Figure22:Utility-scalerenewableenergyforeigndirectinvestmentto

EMDEsfrommulti-nationaldevelopmentbanks,

byincomegroup

17Figure23:Renewableenergyinvestment

intoEMDEs

bytype

ofinvestor

17Figure24:EMDErenewableenergyinvestment,bytypeof

investor

17Figure25:Renewableenergyinvestmentto

top

10EMDEsfordomesticinvestment

bytypeof

investor,

2018-2022

18Figure26:Energysupplybankfinancing,

by

instrumenttype,2021-22

19Figure27:Lowcarbonsupply

fundsraised,byEMDEcountries2021

and2022

20Figure28:EMDEcorporate

debt

andequityfundraisingin2022,

bycurrency.

20Figure29:Energytransitionstages

21Figure30:Argentinarenewableenergyinvestments,bysub-sector

23Figure31:Argentina’sRenovAr

auctionsbycapacitiesandprices

23Figure32:Argentina

renewableenergyprojectcost

of

debt

build-up

illustration

26Figure33:Brazil

renewableenergyinvestments,bysub-sector

27Figure34:Brazil'stransmissioninvestment

viareverseauctions,2012-2022..

27Figure35:Brazilleadinvestment

providers,

2012-2022

28Figure36:Brazilleadinvestment

providers,

2022

28Figure37:Brazil

renewableenergyprojectcost

of

debt

build-up

illustration

29Figure38:Brazil

renewablescapacity,

2022vs.

2030BNEFforecast

30Figure39:Egyptgreenhouse-gasemissionsbasedonsectoral

NDCtargets.

30Figure40:Egyptrenewableenergyinvestments,bysubsector

31Figure41:Egyptrenewableenergyinvestment,

by

type

ofinvestor

31Figure42:Egyptleadinvestment

providers,

2012-2022

32Figure43:Egyptrenewableenergycumulativecapacity

32Figure44:Egyptrenewableenergyprojectcost

of

debt

build-up

illustration

33Figure45:RenewableenergyauctionvolumesinIndia

34Figure46:Indiarenewableenergyinvestments,

by

subsector

35Figure47:Indiarenewableenergyinvestment,

by

typeof

investor

35Figure48:Indiacentralbank

reporate

35Figure49:Year-on-yearchangeofIndia’sconsumerprices

35Figure50:Indiarenewableenergyprojectcost

of

debtbuild-upillustration

36Noportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

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applies

throughout.©BloombergFinanceL.P.2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023Figure51:Indiarenewablescapacity,

2022vs.

2030BNEFforecast

andNetZeroscenario

37Figure52:SouthAfricarenewableenergyinvestments,

by

sub-sector

38Figure53:SouthAfricaannualgrossgenerationby

technology

39Figure54:SouthAfricarenewableenergyprojectcostofdebt

build-upillustration

40Figure55:Loadsheddinginstancesbystageandasaproportionofnetgeneration,SouthAfrica

41Figure56:Exportsofsolarproductsfrom

ChinatoSouthAfrica

41Figure57:Vietnam’srenewableenergycapacityadditions

42Figure58:Vietnamrenewableenergyinvestments,

bysub-sector

42Figure59:BNEF's

Vietnam

solarcapacityforecast

43Figure60:Vietnamrenewableenergyprojectcost

of

debt

build-up

illustration

43Figure61:ShareofEMDEs

wherekeyrenewablepowerpoliciesarepresent

52Figure62:ShareofEMDEs

byincome-levelgroupwithaspecificnumberofpolicymechanisminforce

52Figure63:JETP-CIPPfocusarea

investmentrequirements

54Figure64:Installedcapacityforunabatedcoalpower

generationin2023

and2030acrosscommonlyreferencedscenarios

55Figure65:Carbonoffset

issuance,

bysector

57Figure66:Carbonoffset

retirements,bysector

57Figure67:Topissuingcountriesof

energyoffsets

58Figure68:Topcoalpower

producingcountries,2021

58Figure69:Illustrationof

offsetsinmanagedphaseout

58Figure70:Levelizedcostofelectricityforecast,Indonesia

58Figure71:Theinvestableuniverse

61Figure72:5-yearreturn

vs5-yearvolatilityof

cleanenergyandfossil

fuelequitiesbyincomegroup,

2018-23

63Figure73:5-yearreturn

vs5-yearvolatilityof

cleanenergyandfossil

fuelequitiesbytype,

2018-23

64TableoftablesTable1:

ArgentinaRenovarrenewableenergyauctionriskmitigationstrategy23Table2:

Factors

affectingthe

enablingenvironment

46Table3:

Cost

of

debtstackforcleanenergyprojectsby

country,%

62Table4:

Summaryofselectedreportson

EMDEcapitalmobilization

65Table5:

Countrygroups

66Table6:

Sectoral

groupings

66Table7:Instrumentsanddatasources

68Noportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

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applies

throughout.©BloombergFinanceL.P.2023Foreword

from

the

Co-Leads

of

theGFANZ

Workstream

on

Mobilizing

Capital

toEmerging

Markets

&

Developing

EconomiesTheGFANZWorkstreamon

MobilizingCapitalto

EmergingMarketsand

DevelopingEconomies(EMDEs)workstoidentify

practicalactionstoacceleratecapitalallocationinsupportofthenet-zero

transitionin

thesecriticalcountries.Thisincludessupportingcountryplatforms;

strengtheningtiesbetweenpublicagencies,internationalfinancial

institutions,andprivatefinancetosupportpartnershipsandcapitalmobilization

efforts;aidingthedevelopmentof

high-integritycarbon

markets;andadvancingglobalcapacitybuildingeffortsforEMDEfinancialinstitutions.You

canread

moreabout

ourworkintheGFANZ

2023ProgressReport.GFANZcommissionedthisBloombergNEFreport–anupdateto

theinaugural2022reportMobilizingCapitalintoEmergingMarketsand

DevelopingEconomies–to

advanceunderstandingofthekeytrendsandissuesdrivingclean

energyandfossilfuelinvestmentandcapitalmarketactivity,asEMDEslooktotransition

theirenergysourcestolow-carbon.Thisreportsetsthoseoutindetailandhighlightsmicroand

macroenablingenvironmentfactorsthatcanaccelerate

the

paceofprogress,includingthroughanalysis

ofsixcountrycasestudies.Theinsightsfrom

thisreporthighlightthecomplexityofthechallengeaswellastheopportunityandimpactassociated

withsuccessfullycreatinganenablingenvironment

forclimateinvestment.Positively,inthepastyear,threequartersofnewpowergenerationadded

inEMDEcountrieswas

low-carbon,delivering

anall-timehighlevel

ofinvestment.

Despitesuchexamples

ofsuccess,however,

weremainsignificantlyoff-trackindeliveringtheinvestmentneededtosupportEMDEsintheirtransitiontonetzero,

withinvestmentlevels

needingtoincreasefive-foldbetweennowand2026-2030.We

extend

our

gratitude

to

BloombergNEF

for

their

analysis

and

hope

this

reportwill

prove

useful

to

a

wide

range

of

audiences

to

advance

the

necessary

dialogue,ambition

and

action

to

scaleclimatefinanceforthetransitionofEMDEs.Andwearedeeplythankfultothe35financialinstitutionsandcivilsocietyorganizationsacross16countriesthatarededicatedto

supportingGFANZ’sworkonEMDECapital

Mobilization.ShemaraWikramanayakeChiefExecutiveOfficer,MacquarieGroupBillWintersGroupChief

Executive,StandardCharteredMobilizingCapitalin

and

toEmergingMarketsDecember1,2023Section

1.

Executive

summaryIn2022,

some75%ofnewpowergenerationcapacityaddedinemergingmarketsanddevelopingeconomies(EMDEs),excludingChina1,waslow-carbon.Energytransitioninvestmentinthesemarketsreacheda

newrecordof$85billion,

up10%from

2021.

However,

low-carboninvestmentin

andtoEMDEs

continuesto

fallsignificantlyshort

of

what

isrequiredto

meet

net-zeroemissions

goalsby

2050.Investmentsinfossil

fuelenergysupply2

stilleclipsethoseincleanenergyandthe

InternationalEnergyAgency(IEA)

estimates

thatannualinvestment

inlow-carbonenergysupplymust

growmorethanfive-foldfrom

2022to

2030.The

disparityincleanenergy

investment

betweenemergingeconomiesandricher

nationspersists,

withEMDEs

comprisinglessthan15%ofglobalinvestment.However,therearepositivedevelopments,primarily

inmarketswithrobustenablingenvironments.

Brazilstandsoutthisyear

andformostof

thelastdecade.Withan

effective

andstable

cleanenergy

policyframeworkandstrong,supportiveand

independent

publicinstitutions,thecountryrepresentedoverone-thirdofEMDErenewableenergyinvestment

in2022,contributingsignificantlyto

the

EMDEs’totalnewrecord.IndiaandSouthAfricafollowBrazilasthe

top

threemaininvestment

destinationsin2022.

Mostothereconomies,however,continueto

attract

insufficientlow-carbonenergyinvestment.Thelessonslearned

from

countriesacrossallincome

groupsthat

havebeentrailblazingtheenergytransitionhighlight

thatmeaningful,

stable

progressrequiresstrongcollaborationbetweenkeystakeholders.Governments,

nationalpublicfinanceinstitutions,theprivatesector,and

MultilateralDevelopmentBanks

(MDBs)needtoworktogetherto

createfavorableinvestmentenvironments,mitigaterisks,enhanceliquidityanddeploycatalytic

investmenteffectively.

Domestic

EMDEfinancialinstitutions

havebeennotablyeffectiveatsupportingthe

transitioninthelastfiveyears,

andtheirinvestmenthasprovenrelativelyresilientto

externalshockslikeCovid-19andrisinginterestrates.Thereis

aclearneedandopportunityto

developandharnesslocalcapitalmarkets.

That

said,to

reachthe

scaleoffinancerequiredfortransition,

whichwillrequiremanyEMDEs

to

morethantripletheirrenewablecapacityto

reachtheglobal11terawattsof

globalcapacityneeded

by2030,internationalprivate1

Throughoutthe

report,emergingmarkets

anddeveloping

economies

(EMDEs)refersto

EMDEsexcludingChina.2

Fossilfuelenergysupplycapitalinvestmentincludesthe

upstream,

midstream

anddownstream

value

chainsof

oil,

naturalgasandcoalproductionandprocessing,

as

wellas

unabatedfossil-basedelectricitysupply.Noportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

usedas

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derivativeworkswithoutthepriorwrittenconsentofBloombergFinanceL.P.

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75

applies

throughout.MobilizingCapitalin

and

toEmergingMarketsDecember1,2023capitalmust

alsobemobilizedatmuchgreaterrates.

Developmentfinanceinstitutions,bilateraldonors

andMDBsmustallaccelerateeffortsto

mobilizeinternationalprivatefinance,

particularlythroughrapidlyscalingthe

availabilityandaccessibility

of

catalyticinstrumentslikeguarantees.Thisreport

providesan

overviewofthe

current

state

of

theenergytransitionanditsfinancinginEMDEs

anddiscusseshowto

executeandaccelerateit.Sixcountrycase

studies

–Argentina,Brazil,Egypt,India,

SouthAfricaandVietnam–areusedtoexplore

howdifferentstakeholderscaninfluencemacroandmicroeconomicfactorsthat

affect

investmentinEMDEs.Finally,

it

discussesfourtransformativeinitiatives

ordevelopmentsthat

couldsignificantlyacceleratethe

transitioninEMDEs:theemergenceof

countryplatforms

asacoordinatingmechanism,

ongoingeffortsto

strengthenandevolveMDBs,the

scalingofhigh-integrityvoluntarycarbonmarkets,

andthe

developmentofcoalphase-outstrategies.Thereport’skeyfindings:•Low-carbon

energy

supply

investment

in

EMDEs

remains

insufficient

to

reach

1.5Cscenarios.

The

IEA’sNet

ZeroEmissionsby

2050scenario(NZE)estimates

thatanearlyfivefoldincreaseinlow-carboninvestmentis

neededby2030,comparedto

2022levels,whileinvestmentinfossilfuelneeds

tohalve.•Although

low-carbon

energy

supply

investment

in

EMDEs

reached

a

record

high

in2022,

it

still

only

represents

14%

of

the

global

total,

the

lowest

share

since

2016.Investmentroseby11%from2021,reaching$85billion,withathirdofit

directedto

small-scalesolar.Investmentremainsconcentratedinafewmarkets,primarily

in

upper-middleincomecountries.Thetop10marketsbyinvestmentvolumecombinedaccount

forover

80%oftotalinvestment,and

BrazilandIndiatogetherrepresentmorethanhalfof

thetotal.••Renewable

energy

represented

three-quarters

of

the

new

power-generating

capacityadded

in

EMDEs

in2022,whilefossilfuel’ssharefelltoanewlow.

EMDEsinstalled94gigawattsofnew

capacity,

withrenewables(includinghydro)

representing

74%

ofthis.Theshare

offossilfuelsintotalcapacityaddeddroppedto

26%,

downfrom48%in2021.While

renewables

additionsand

investment

remain

concentrated

in

larger

EMDEs,technologies

like

photovoltaics

(PV)

are

rapidly

expanding

to

more

markets.

In

2022,PVwastheprimarytechnologyinstalledin

46%

oftheEMDEs,up

fromjust8%

in

2012.ThisisbecausePVmodulescostlessthanathirdof

whattheycostin

2012,andasixteenthofwhattheycostin

2008.Noportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

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75

applies

throughout.3©BloombergFinanceL.P.2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023Figure

1:

Low-carbon

energy

supply

investments,

bycountry

groupFigure

2:

Share

of

low-carbon

energy

supply

investments,by

country

group$

billion70080%64%5958560060%49051%35%5004003002001000405

773727734459319

31452

44318647820512940%30325623923%20932861213354128

118148103256114%20%0%14%198

209

206174152138

139

151

138

1511232012201420162018China2020EMDE20222012201420162018China2020EMDE2022Non

EMDENon

EMDESource:

BloombergNEF.

Note:

Low-carbon

energy

supply

includes

renewable

energy,

nuclear,

energy

storage,

hydrogen

and

CCS.Excludes

transmission

and

distribution

(T&D)

and

large

hydro.

Total

volumes

exclude

small-scale

solar

investment

buffers.•The

results

of

measures

taken

in

the

countries

studied

in

this

report

highlight

the

needfor

unprecedented

collaboration

among

domestic

and

international

stakeholders

toachieve

net-zero

goals

within

the

time

frame

envisioned

by

the

Paris

Agreement,

withanemphasis

on

bothstrengtheningtheenabling

environmentandensuringpubliccapitalisusedcatalytically

to

leverageprivate

investment.•Argentina’sexperience

demonstrates

how

a

mix

of

well-designed

policy

frameworksand

financial

risk

mitigation

mechanisms

can

spur

renewable

energy

development

in

achallenging

macroeconomic

context.

Acombinationofauctionsand

guaranteesmanagedtocreatebankableprojects

despite

avolatileeconomicenvironment.

Thisrequiredaninnovativemechanismbasedonacollaborativeapproachbetweenthemarketoperator,

thenationalgovernmentand

the

WorldBank.••Brazil’ssuccessillustrates

the

resilience

that

a

complete

and

stable

policy

framework,supported

by

strong

independent

public

institutions,

can

bring

to

the

transition

of

acountry.

Brazilhasoneofthe

most

invitingrenewableenergyenablingenvironmentsamongEMDEs,whichhelpeddriveover$93

billionin

investmentin

thecountry

over2012-2022.TheBrazilianNationalDevelopmentBank(BNDES)waspivotalto

the

developmentof

the

sectorandensuringlow

costof

debtforcleanenergyprojects,whilethe

country’sindependentCentralBankhasbeenkey

tomaintainingmacroeconomicstability.Egypt’sstoryshowstheimpactof

MDBtechnicalandfinancialsupportonrenewableenergy

investment

flows.Oneofthemaindriversof

investmentinenergytransitionin

thecountry

was

thecollaborationoftheEgyptiangovernmentwith

MDBs.TheInternationalFinanceCorporation(IFC)andtheEuropeanBankforReconstructionandDevelopment(EBRD)helped

the

governmentdesign

aset

ofpowerpurchaseagreementsand

otherincentivesofferedto

developersthroughacompetitivemechanism.Inparallel,the

MultilateralInvestmentGuaranteeAgencyofthe

WorldBank(MIGA)

provided

guarantees

for

projectsundertheprogram.This

helpeddrive$3.3billionin

2017,up

fromnearlynothingin2015.•India’svibrantcleanenergysectorhighlightshow

highambitioncanbe

matched

toacomprehensive

set

of

policy

tools

designed

to

address

challenges

and

mobilizeNoportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

usedas

thebasisof

derivativeworkswithoutthepriorwrittenconsentofBloombergFinanceL.P.

Formoreinformationon

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75

applies

throughout.4©BloombergFinanceL.P.2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023domestic

investors

in

support

of

the

transition.

The

country

hasimplementedavarietyofmechanismsto

boostconfidenceamonglocalfinancialinstitutions,leadingto

asignificantgrowthinlocalinvestment.Domesticinvestmentin

low-carbonenergywasfourtimeshigherthanforeigninvestmentin

2022.

The

countryhasbeenarolemodelin

holding

renewableauctionswithhighvolumesand

aregular

schedule,

withanaverageof

15GWof

renewablescapacityauctioned

in

eachof

thelastfivefiscalyears.•SouthAfrica’schallenges

illustrate

the

importance

of

policy

stability,

the

need

formulti-stakeholder

collaboration,

and

the

role

renewables

can

play

in

improving

energysecurity.

Despitebeingamaturerenewablesmarketintermsof

procurementexperienceandfinancingcapacity,SouthAfricafacesmajorenergy

transitionstumblingblocksinitspolicyinstability,regulatorytightnessandpoliticalrisk.When

executed

properly,itscleanpowerincentives,suchasauctions,have

drivensubstantialinvestmentandbuild,but

retroactivechangesand

cancellationshavedamagedinvestorconfidence.

However,recentchangesinregulationhaveunlockedthepotentialofdistributedPVin

addressingpower

shortages.••Vietnam’s

ambitiouscleanenergypoliciesshowhowquicklyavibrantmarketforrenewables

can

materialize

under

the

right

conditions,

but

also

how

quickly

it

can

besaturated

in

the

absence

of

a

more

holistic

energy

transition

plan.

Generousfeed-intariffs

triggeredasolarandwindboom,driving

$44

billionininvestmentin

justfour

years.However,unsustainabletarifflevels,lackof

clarityandinfrastructurebottlenecksled

toasteepdeclineininvestmentflows,emphasizingthe

importanceof

sustained

and

clear

policydirection.The

above

case

studies

provide

clear

examples

of

how

each

stakeholder

group

acrossthe

public

and

private

sector

has

a

critical

role

in

driving

progress.

Crucially,eachstakeholder’sactionismoreeffective

when

workingin

collaboration

across

the

public

andprivatesectortocreatevibrantrenewables

markets,scaleup

cleantechnologies

or

effectivelymanagethe

phase-outoffossil

fuel

assets.–Governments

are

responsiblefortranslatingtheirclimatetargetsintoasetof

policies

andregulations

that,alongwithmacroeconomic

andpoliticalstability,createanenablingenvironmentthatisconducivetoinvestment,providingstability

toinvestorsand

carefullydeployinglimitedbudgetresources

wherethey

aremostneeded.–MDBsmust

actasenablers,providingbothtechnicalandfinancialsupportto

hostcountries,private-sectorcompanies

andfinancial

institutions,andprojectdevelopers.MDBshaveauniquerolein

theinterfacebetweengovernments

andthe

privatesector,identifyingopportunities

whereacountry

canspur

investmentmostefficientlybymobilizing

privatefinance,andwheremoreenablinginvestment

usingpublic

resources

isneeded.–Wherethe

enablingconditionsarein

place,theprivatesectorneeds

toplay

its

roleasacreator,financierand

operatoroftheassets

thatare

neededtodecarbonizeeconomies.••These

lessons

are

particularly

important

as

leaders

build

momentum

to

triple

globalinstalled

renewable

energy

capacity

by

2030,

from

a

2022

baseline.

This

goalequatesto11terawattsofrenewables

capacityby2030,but

contributions

will

differaroundtheworld.Whilefor

earlieradoptersofrenewables,triplingistherightgoal,othercountries–especiallyEMDEsin

southand

southeastAsia,theMiddle

EastandAfrica–willneedtosetasteeperpath

away

fromfossilfuelswhile

meetinggrowingelectricitydemand.Some

transformational

initiatives

also

have

the

potential

to

accelerate

the

transition

byensuring

appropriate

multi-stakeholder

collaboration,

increasing

and

diversifyinginvestment

flows

and

creating

new

strategies

for

remaining

challenges.

TheseincludeNoportionofthisdocumentmaybereproduced,scannedintoanelectronicsystem,distributed,publiclydisplayedor

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75

applies

throughout.5©BloombergFinanceL.P.2023MobilizingCapitalin

and

toEmergingMarketsDecember1,2023evolutionof

the

mandateofMDBstofocusonclimateand

private-sector

mobilization,leveragingcountryplatformapproaches,developingmanagedcoalphase-outsolutions

andenhancing

voluntarycarbonmarkets.–Anevolution

of

MDBs

to

increasetheirsupportfor

theenergytransitionandidentifyopportunitiesto

mobilizetheprivatesector

as

adeveloperof

assetsand

investoriscritical

todrivingcapitaltoEMDEsand

achi