为全球南方提供动力清洁技术的增长之路（英文版）

PoweringUpthe

GlobalSouth

Thecleantechpathtogrowth

VikramSingh,KingsmillBond

October2024

ExecutiveSummary

GlobalSouthcountriesaredeployingcleantechrapidly,andwillcontinuetodosoastheirpathtogrowth.

TheGlobalSouthneedsenergy.AcrossAfrica,LatinAmerica,SouthAsiaand

SoutheastAsia,energydemandperpersonisonly32GJperyear,afifthofthe

amountintheGlobalNorth,and41%ofpeopleliveincountrieswhereelectricitydemandperpersonisbelowtheglobalenergyminimumof1MWh/y.

TheGlobalSouthlacksfossilfuels.With60%oftheglobalpopulation,theGlobal

Southhasonly20%offossilfuelproductionandreserves,andoilandgasproductionareindecline.Asaresult,itisalreadyanetimporteroffossilfuels,withIndiafor

examplespending5%ofGDPonover$150billionofimports.

Butisrichinrenewables.TheGlobalSouthhas70%ofglobalrenewablepotential,and50%ofcleantechminerals.Theirrenewableresourceisnearly400timeslargerthantheircurrentfossilfuelproduction.

ThreequartersoftheGlobalSouthisinthesweetspot.73%oftheGlobalSouth(byenergydemand)fallsunderfourcriteriathatencouragecleantechadoption:

middleincomeorabove;lowenergydemandpercapita;fossilfuelimportingorself-sufficient;andvastrenewablepotential.

Therevolutionhasbegun.In2024,87%ofGlobalSouthcapexonelectricity

generationwillflowintocleanenergy,andtheIEAexpectsnewsolarandwind

capacitytoincreaseby60%to77GW.Solarandwindgenerationhasbeengrowingat23%peryearforthepast5years,supplies9%ofelectricitygeneration,andisonly5yearsbehindtheGlobalNorth.Electrificationisalreadyat75%ofGlobalNorth

levels,andgrowingfaster.

LeadersareoutpacingtheGlobalNorth.OnefifthoftheGlobalSouth,fromBraziltoMorocco,fromBangladeshtoEgyptandVietnam,hasalreadyovertakenthe

GlobalNorthintermsoftheshareofsolarandwindinelectricitygeneration,ortheshareoffinalenergyfromelectricity.

Capexparityopensthedoor.Thehalvingofsolarandbatterycostsin2023meansthattheup-frontcostofsolarhasfallentothesamelevelasfossilgeneration,andthepurchasecostofelectricvehiclesisfallingtobelowthatofpetrolvehicles.Thisencouragescleantechsolutionsoverfossilinspiteofthehighercostofcapital.

Chinesesupplymakeschangeeasier.Chinahasalreadyannouncedenough

cleantechcapacitytosupplyallofthedemandoftheGlobalSouth,andsince2023hasinvestedover

$100billion

intocleantecharoundtheworld.

Therevolutionwillcontinue.By2030theGlobalSouthislikelytoincreaseits

electricitygenerationfromsolarandwindbyoverfourtimes,toabove2,000TWhperyear.

Thecheapestroutetogrowthinhistory.Therapidgrowthofrenewablesprovidesthefoundationforhigherlevelsofelectricitysupply,whichinturnwilldrivegrowth.By2040,totalelectricitysupplycouldbeupto40%higherthanbusinessasusual.

Peakfossilfueldemand.Fossilfueldemandforelectricitywillpeakby2030intheGlobalSouth,andtheremainingareasofdemandgrowtharelimitedastheresultofongoingelectrificationandefficiency.TheGlobalSouthwillnotservetopropup

decliningfossilfueldemandelsewhere.

Weneedtodomore.TwokeyareasoftheGlobalSoutharenotyetadopting

cleantech-lowincomecountries(6%ofenergydemand)andfossilfuelexporters(21%ofdemand).Butevenhereweseesignsofchange,forexampleinEthiopiaandColombia.

Howtospeedupchange.Manysolutionsexisttospeedupchangeincluding

domesticpolicytoencouragetheadoptionofcleantechandattractinvestment,MDBreform,catalyticandconcessionalfinancedirectedespeciallytopoorandvulnerablecountries,andtechnologytransfer.AsCOP29approaches,nowisthetimeforNDCstoreflecttheneweconomicrealityofcleantech.

2

Therearetwovisionsofthe

GlobalSouthenergyfuture

1.Businessasusual

Afuturethatlookslikethepast:importedfossilfuelsbringinggradualenergysupplygrowthandslowerdevelopment

Theoldguardview

2.5

2.0

1.5

1.0

0.5

0.0

MWhelectricityusepercapita

Business-as-usualfuture

Solar&wind

Otherclean

Fossilfuels

20002010202020302040

Source:EIAInternationalEnergyOutlook-referencescenario,UN.

2.TheCleantechRevolution

AfuturethatembracesthemostconsequentialenergyinnovationsincetheIndustrialRevolution,togainenergyfaster,cheaper,andmoresecurely.

Thenewtechnologyinsurgentenergyoutlook

MWhelectricityusepercapita

Cleantechfuture

2.5

2.0

1.5

1.0

0.5

0.0

Solar&wind

Otherclean

Fossilfuels

20002010202020302040

3

Source:RMIbasedonS-curve

modeling

TheEnergyWorldinFourParts

WesplitregionswithhighenergydemandperpersonoutoftheGlobalSouth†

GlobalNorthGreaterChinaPetroRegionsGlobalSouth

South

Asia

Africa

Southeast

Asia

Latam

TheGlobalSouthisextremely

diverse,andcontains

countrieswithverydifferentenergysystems.However,itisalsopossibleandusefulto

lookattheGlobalSouthasawhole,inordertounderstandthewiderpicture.

4

tChinaandthePetroRegionsoftheMiddleEastandEurasiaalreadyhavehigherenergydemandpercapitathanEurope,soaremorereasonablyputintoadifferentgroup.WithintheGlobalSouthwelookatfourregions:LatinAmerica(Latam),Africa,SouthAsia,andSoutheastAsia.Theyare60%oftheglobalpopulation,andnearlyalltheexpectedgrowthinpopulationandprimaryenergydemand.

Source:RMIbasedonregionalframingofDNVandIEA.CountrybordersonthemapareprovidedbyMicrosoftBinganddonotimplyanyendorsementbyRMI.

TheGlobalSouthneedsenergy—lotsofit,andfast

EnergydemandperpersonisafifthofthelevelintheGlobalNorth,and685millionhavenoelectricity†

PrimaryenergydemandpercapitaNumberofpeoplewithnoelectricityaccess

200GJpercapita

Global

/North

150Petro

Regions

一Greater

China

100

/

50/

South

————Global

Nodata01M3M10M30M100M300M

0

1990200020102020

5

Source:IEA,RMIframing(L).WorldBankfromOurWorldinData(R).tWHO.

However,theGlobalSouthlacksfossilfuels

Theyhavethelowestfossilreservesandproductionperperson

35

30

25

20

15

10

Fossilfuelproductionperperson

350

300

250

200

150

100

50

0

GJpercapitaproductionin2022

GlobalSouthGreaterChinaGlobalNorthPetroRegions

Source:IEA,BPStatisticalReview,RMIframing.

Fossilfuelreservesperperson

TJpercapitareserves2019

5

0

40

GlobalSouthGreaterChinaGlobalNorthPetroRegions

6

Asaresult,ithasalreadybecomeanetfossilfuelimporter

Oilandgasproductionisfalling,andfossilfuelimportsarearisingeconomicburden

90

80

70

60

50

40

30

20

10

0

GlobalSouthoilandgasdomesticproductionGlobalSouthnetfossilfuelimports(exports)

EJ

200020102020

Source:IEA,RMIframing.

Naturalgas

Oil

10

5

0

(5)(10)(15)(20)(25)(30)(35)

EJ

20002005201020152020

7

ButtheGlobalSouthcanbearenewablesuperpower

TheGlobalSouthcontrols70%ofglobalsolarandwindresourcesand50%ofcriticalminerals

Solarandwindpotentialmultipleoffossilproduction

Solarandwindpotentialasamultipleofcurrentenergydemand

400

350

300

250

200

150

100

50

0

x

GlobalSouth

GlobalNorth

PetroRegions

GreaterChina

Superabundant:>1,000xAbundant:>100xReplete:>10xStretched:<10xNodata

8

Source:Solargis,NREL,CarbonTracker,BPStatisticalreview,IEA,RMIframing.

ThreequartersofGlobalSouthcountriesareinthesweetspotofchange

Lowormediumenergydemandpp,limitedfossilfuels,middleincomeorhigher,andabundantrenewablesShareofGlobalSouthenergydemandcutfourways,%EJThesweetspotofchange,%EJ

Low

Midtohigh

(capital

availableto

investin

newenergy)

High

Lowormedium

(lookingfor

waysto

growthe

energysystem)

Exporter

Importer/

self-

sufficient

(lookingfor

alternativesto

fossilfuels)

Limited

Abundant

(renewable

resources

available

atscale)

Energy

demandpp

FossilimporterIncomeRenewables

availability

Other

Sweetspotofchange

27%

73%

Source:IEA,WorldBank,Solargis,NREL,RMIframing.

Sweetspotofchangemeans:lowermiddleincomeorhigher(mostlow-incomecountriesarenotyetembracingrenewables);self-sufficientinfossilfuelsoranimporter(mostmajorexportersandpetrostatesarenotyetembracingrenewables);lowenergydemandperperson(whichimpliestheneedforhighergrowth);andabundantrenewableavailability.

9

IncludingmostofSouthAsiaandLatinAmerica

AlongwithhalfofAfricaandSoutheastAsiaSweetspotofchangebysub-region,%EJ

100%

85%

44%

46%

Other

Lowincome

Petrostate

Majorexporter

Shareof

GlobalSouth

insweetspotofchange

Sweetspot

27%

73%

Shareof2022demand

SouthAsiaLatamSoutheastAsiaAfrica

Definitions:LowincomeasdefinedbytheWorldBank.Petrostateisacountrywithfossilfuelexportsover10%ofGDP.Majorexportersarecountrieswithfossilfuelexportsfrom1%to10%ofGDP.

Source:IEA,WorldBank,RMIframing

Sweetspotofchangemeans:Middleincomeorhigher;self-sufficientinfossilfuelsoranimporter;energydemandperpersonbelow100GJ;andplentifulrenewableavailability.

10

Althoughthedebateskewstoasmallnumberofvocalpetrostates

Petrostatesaccountforonly5%ofGlobalSouthprimaryenergydemand

Indicativefossilfuelimports(exports)/GDPcomparedtoenergydemand

Fossilfuelimports/GDP

10%5%0%-5%

-20%-25%-30%-35%-45%-50%-55%

Thesilentmajority

Nigeria

ThailandPakistan

reliantonexpensiveimports

India

——VietnamSouthAfrica

Illlu-EgyptMexico

Brazil

Indonesia

DependentImporters

Self

sufficient

Major

exportersAlgeria

VenezuelaPetrostates

Guyana

Shareofprimaryenergydemand

11

Source:WorldBankGDP,IEAfossilfuelimportsandexportsinEJ2022,globalfossilfuelaveragepricesin2023fromIEA.2023fossilfuelpricesselectedasmorerepresentativethanthoseof2022.

Therearethreebigleversofchange

Renewables,electrification,andefficiencyarerapidlytransformingtheenergysystem

GlobalSouthenergydemandin2022

Shareoffinalenergy

100%

80%

60%

40%

20%

0%

Efficiency

3

Fossilfuels

1Renewables

Fossilfuels

2Electrification

Solarandwind

Otherclean

Biomass

ElectronsMolecules

ShareoffinalenergyinEJ

12

Source:IEAWEO2023,RMIframing.

RENEWABLES

TheGlobalSouthhaspivotedcapextocleanenergy

87%ofGlobalSouthgenerationcapexisalreadyintocleanenergy:93%inLatam,84%inAsia,and86%inAfrica

GenerationcapexintheGlobalSouth

100%

80%

60%

40%

20%

0%

Clean

53%

87%

Fossilfuels

201520202024

Source:IEAWEI2024,RMIframing.

Sub-regiondetail

LatinAmerica

50$billionperyear

Clean

SouthAsia&SoutheastAsia

Africa

25

20

15

10

5

0

$billionperyear

75

60

45

30

15

0

$billionperyear

40

30

20

10

Fossilfuels

0

201520202024

201520202024201520202024

13

RENEWABLES

RenewablesarealsofollowinganS-curveintheGlobalSouth

Solarandwindgenerationaregrowingrapidly,justlikeintheGlobalNorthandChina

Solar&windshareofgenerationbyregion

16%

12%

8%

4%

0%

20002005201020152020

GlobalNorth

GreaterChina

GlobalSouth

Petro

Regions

Solar&windshareofgenerationbyGlobalSouthsub-region

15%

Latin

America

12%

SouthAsia

6%

Africa

SoutheastAsia

0%

200020102020

3%

9%

14

Source:IEA,RMIframing.

RENEWABLES

GrowthintheGlobalSouthisfasterthantheGlobalNorth

Changestartedlater,buttheGlobalSouthisafastfollower

Solar&windshareofelectricitygenerationbyregion

GlobalNorth

16%

12%

8%

4%

0%

2022

GreaterChina

2022

GlobalSouth

2022

2022

PetroRegions

05101520

yearssincereaching0.5%penetration

15

Source:IEA,RMI.

RENEWABLES

SomeregionsintheGlobalSouthevenoutpaceChina

Latam,forexample,reachedthesamesolarandwindpenetrationasChina,butgottherefouryearsfaster

Solar&windshareofelectricitygenerationbyregionandsub-region

GlobalNorth

16%

12%

8%

4%

0%

2022

Latam

2022

GreaterChina

2022

GlobalSouthtotal

2022

SouthAsia

一2022

20222022

SoutheastAfrica

Asia

PetroRegions

2022

05101520

yearssincereaching0.5%penetration

16

Source:IEA,RMI.

RENEWABLES

61%oftheGlobalSouthhaspassedtherenewablestippingpoint

And17%haveovertakentheGlobalNorth

Solar&wind’sshareofelectricitygenerationWhoiswhere

45%

40%

Overtaking

17%

61%

havecrossedthetippingpoint

theGlobalNorth(e.g.,Morocco,Brazil,Mexico,Uruguay)

35%

Chasing

30%

44%

theleaders,alreadypast

thetippingpoint(e.g.,India,

25%

SouthAfrica,Egypt,Cambodia,Jamaica)

20%

GlobalNorth

Tipping

point†

15%

Catchingup

10%

5%

39%withthemajority;

renewableuptakeoflessthan5%(e.g.,Indonesia,Nigeria,Algeria)

0%

Shareof2022energydemand

2000201020202022

Source:IEA,RMIframing.

17

Note:ShareoftheGlobalSouthismeasuredbyenergydemand.tAtippingpointlevelof5%isgenerallyacceptedtobethemarketshareatwhichchangetakesoff.

25%

20%

ELECTRIFICATION

Electriccatch-up

TheGlobalSouthisquicklycatchinguptoGlobalNorthlevelsofelectrification

Electricityasashareoffinalenergyconsumption

15%

10%

0%

GlobalNorth

GlobalSouth

20002005201020152020

Source:IEA,RMIframing

200020102020

25%

20%

15%

10%

0%

GlobalNorth

SoutheastAsia

Latam

SouthAsia

Africa

18

ELECTRIFICATION

ElectricSouth

21%oftheGlobalSouthhasalreadyovertakenGlobalNorthelectrificationlevels

ElectricityasashareoffinalenergyconsumptionWhoiswhere

35%

30%

25%

20%

15%

10%

5%

0%

21%

Overtaking

theGlobalNorth(e.g.,Egypt,

SouthAfrica,Mexico,Vietnam,Bangladesh)

Chasing

theleadersandovertaking

otherregions(e.g.,Colombia,Indonesia,Thailand,India)

59%

80%

havecrossed15%†

GlobalNorth

Catchingup

withthemajorityandstill

belowa15%threshold(e.g.,Nigeria,Ethiopia,Myanmar)

20%

Shareof2022energydemand

2000201020202022

Note:ShareoftheGlobalSouthismeasuredbyenergydemand.t15%isthelowerboundofelectrificationintheGlobalNorth;surpassing15%meansovertakingthefirstGlobalNorthcountries.

Source:IEA,RMIframing.

19

ELECTRIFICATION

Electricvehiclesalesaretakingoff

ElectrificationwillbeboostedbytheexponentialgrowthofEVs

CostaRica

Colombia

12%ofcarsalesEV

10%

8%

6%

4%

2%

0%

4%ofcarsalesEV

3%

2%

0%

1%

2016201820202022

2016201820202022

Source:BNEF(Thailand,Vietnam),IEA(CostaRica,Colombia).

Thailand

ofcarsalesEV

18%

15%

12%

9%

6%

3%

0%

2016201820202022

Vietnam

12%ofcarsalesEV

10%

8%

6%

4%

2%

0%

2016201820202022

20

Fossilexportersandlow-incomenationsarenotyetchanging

ThesegroupsmakeupaquarterofenergydemandintheGlobalSouth.Eachgrouprequiresverydifferentsolutions

Shareofdemand,%EJ

Major

exporterPetro

states

Importerstatus

Low

income

16%

5%

Income

6%

Solar&windshare,byincomelevel

25%ofgeneration

Solar&windshare,byimporter/exportergroup20%ofgeneration

16%

20%

Self-sufficient

12%

15%

Dependent

Importer

Uppermiddle

Lowermiddle

8%

10%

4%

5%

Low

MajorexporterPetrostates

0%

0%

High

20002005201020152020

20002005201020152020

21

Note:IncomegroupsasdefinedbytheWorldBank.Thereisnoformaldefinitionforpetrostates,butweuseathresholdoffossilfuelexportsofgreaterthan10%ofGDP.Majorexportersarecountrieswherefossilfuelsexportsarebetween1%and10%ofGDP.Self-sufficientarecountrieswherefossilfuelexportsarebelow1%ofGDP.Importercountriesarewherefossilfuelimportsareupto4%ofGDP.Dependentiswherefossilfuelimportsareover4%ofGDP.Source:WorldBank,IEA,RMIframing.

WhytheGlobalSouthwillcontinuetoadoptcleantech

AswiththeGlobalNorth,thebarriersaremany,butthesolutionsaremore.

Fallingcosts

Fallingcleantechcostsarebreakingthroughcapexparity,unleashingevenfasterchange.

Plentifulsupply

PlentifulChinesecleantechwillfindawaytotheGlobalSouthandsparkaracewiththeWestfordeployment.

Risingdomesticpolicy&internationalsupport

Astheeconomicbenefitsofthecleantechrevolutionbecomemoreandmoreevident,policyambitionsanddevelopmentcapitalcanrise.

22

FALLINGCOSTS

Cleantechsaveslivesandmoney

Renewablesarealreadythecheapestelectricitysource.Airpollutionkillsover5millionpeopleayearintheGlobalSouth.Cheapestsourceofnewelectricity,2023,LCOEShareoftotaldeathsfromairpollution,2021

WindSolarPV

Naturalgas(CCGT)Coal1%5%10%15%20%25%

23

Source:BNEF(L),IHME,GlobalBurdenofDiseasereport(R).

Capexparitymaybeevenmoreimportantthantotalcostof

ownershipparityintheGlobalSouth,ascostofcapitalishighandaccesstocapitallimited.

FALLINGCOSTS

CapexparityopensthedoorfortheGlobalSouth

Weareatthetippingpointwheretheup-frontcostofcleantechbeatsfossiltech

RenewablesTransport

Solarversuscoalcapitalcostperunitofeffectivecapacity

700

600

500

400

300

200

100

0

$capexperMWh/y

Vietnam

India

Outlook

Lowerup-frontcost

Solar

Coal

Capexparity

201720242030

Note:CapitalcostperMWh/yisthecapitalcostperMWdividedbytheaveragenumberofhoursthatthe

resourceisusedinoneyear.Source:BNEFinputsforcoalandsolarhistory,RMIsolarfuture,RMIcalculations.

Chinaaveragevehiclepurchasepricebydrivetrain

Lowerup-frontcost

45

$thousandpercar

40

Internal

35

combustionengine

Battery-electric

30

25

20

201820192020202120222023

24

Note:Battery-electricvehiclesexcludeminicars.

Source:BNEF,ChinaAutomotiveTechnologyandResearchCenter.

PLENTIFULSUPPLY

ChinacansupplythecleantechtotheGlobalSouth

HundredsoffactoriesinChinastandatthereadytosupplynewmarkets

SolarimportsfromChina,GW,2022-2024vs.totalgenerationcapacity2022

Solarmodulemanufacturingcapacityversussales

2,000

Namibia SomaliaVenezuelaCongo

Togo Pakistan Senegal CambodiaSierraLeone Lebanon YemenKenya

ChileSriLankaBarbadosMoroccoColombia

CentralAfricanRepublic NigeriaSouthAfricaMaldives

1,500

1,000

500

0

0%20%40%60%80%100%

GW

Additional

capacitylookingforofftake

Solarmodulemanufacturing

markets

Currentforecast

solarmodulesales

20202022202420262028

Note:SolarimportsareChinesesolarimportsonlyascalculatedbyEmber.

25

Source:IEA,Ember,BNEF,RMIfastgrowthforecastaspublishedintheCleantechRevolution(2024).Seealso

GreenCapitalTsunami

byClimateEnergyFinance.

PLENTIFULSUPPLY

Witnesstheexplosivegrowthinsolar

Solarissupplyinginyearswhattookoldenergydecades

SolarpanelimportsfromChinaversusthetotalsizeoftheelectricitysystem

Barbados

0.5GW

SouthAfrica

70GW

60

50

40

30

20

10

0

2018202020222024

Namibia

1.6GW

1.4

1.2

1.0

0.8

0.6Solar

0.4

0.2Totalothercapacityinstalled

0.0

2018202020222024

0.4

0.3

0.2

0.1

0.0

2018202020222024

Pakistan

80GW

70

60

50

40

30

20

10

0

2018202020222024

26

Note:Solarimportsascumulative.ImportsincludeonlythosefromChina.Totalothercapacityexcludessolarcapacity;2024totalcapacityillustrativelyshownas2023values.

Source:Ember,RMIframing.

RISINGPOLICYSUPPORT

Cleantechisthelogicalchoiceforpolicymakersdrivinggrowth

Asitbrings…

Economicgrowth

DrivingGDPgrowthwiththetechnologiesofthefuture

Jobs

Bringingmillionsofmanufacturingandcleantechdeploymentjobs

Health

Avoidingmillionsofdeathsandillnessescausedbyfossilpollution

Security

Regainingenergyindependence

Speed

Alloftheabove,atgreaterspeedthanfossilfuelscanprovide(seenextpage)

Source:IEA,RMIframing.

LatamAfricaIndia

OtherAsiaPacific

EuropeChina

ContributionofcleantechtoGDPgrowth,2023

UnitedstatesChina

EuropeanUnionIndia

0%5%10%15%20%25%30%

35%

Changeinenergyemploymentbysectorandregion,2019–2022

fuels

Cl

eanenergy

Fossil

-1.0-0.50.00.51.01.52.0

millionworkers

27

RISINGPOLICYSUPPORT

Renewablesallowforfasterenergygrowththanfossilfuels

Deploymentissimpler,scalingmoremodularandrapid,andresultingdependencylower

Dependency

Construc-Minimumsizeofafter

Stepstodeploynewenergytiontimeinvestmentdeployment

Naturalgas

importcase

SecureLNG

offtakeagreement

andopennewshippingroute

BuildnewLNG

terminalinharbor

Buildanew

Buildnewgas

gaspowerplant

pipelines

Buildout

centralizednetworktodeliverpower

5-10

years

1-5

GW

~$3-10

billion

Dependent

ongassupplier

andexposedto

volatilegas

market

Solar+batterypowercase

Importsolar

panelsand

batterypacks

throughexistingharbor

Deploysolar+batterylocally

Q

Buildalocalized

gridtodeliver

power

<0.5

year

1-10

kW

~$2-3

thousand

Fully

independent

untilsolarpanel

andbatteryare

atendoflifein

20-25years

28

Source:IEA,RMIestimates.

RISINGPOLICYSUPPORT

Goodpolicyattractscapital

AspolicyenvironmentsacrosstheGlobalSouthimprove,moreinvestmentisunlocked

SouthAsia●SEAsia

LatinAmerica●Africa

OSizeofbubble

correspondsto

country’selectricitydemand

100.00

10.00

1.00

0.10

0.01

Investmentinrenewables(2018-22)versusstrengthofcleanpowerpolicies

$billion

●

.South

VietnamAfrica

Brazil

Chile

India

Mexico

Morocco

Argentina

●

Namibia·

1234

BNEFClimatescopePowerScore2023

Source:BNEFClimatescopescoresforPowerScoreversusinvestmentinrenewables,IEAforelectricitygeneration,RMIframing.

29

RISINGPOLICYSUPPORT

Weneedtoaccelerateinnovativesolutions

Toovercomebarriers,unlockaffordablecapitalandsupportthemostvulnerablenations

Solar&windshareofgeneration,byincomelevel

10%

8%

6%

4%

2%

0%

20002005201020152020

Middletohigher

incomeGlobal

South

LowincomeGlobalSouth

Changeishappeningfast,butitcangofaster

Manymiddletohigherincomecountriesarealready

deployingrenewablesexponentially,butcanaccelerateprogressthroughstrongdomesticpoliciesandhelpedbyinternationaleffortstounlockgreatercapital

flows.Domesticpoliciesincludeambitioustargets,auctiondesign,andmandates.Internationaleffortsincludeincreasinginwardcapitalflows,reducingthecostofcapital,andpromotingknowledgetransf