Global ambition to triple renewable energy capacity

It is well-known that climate transition and 2050 target depends on the adoption of a collective and coordinated, multi-faceted approach by the global community. While, arguably, the burden to finance the transition is on the developed countries, the burden to reduce the emissions is increasingly shifting to EMDEs that account for the majority share in emissions. These nations will continue to drive majority of the emissions growth in future as well due to their high economic growth, electrification of energy and cross-sectoral plans for energy transition.

The Global South was responsible for over 50 percent of the global energy consumption in 2023 and they will continue to account for the majority share. As per industry sources, Asia-Pacific alone is expected to consume more than 50 percent of the global final energy demand and Africa is likely to consume more than North America or Europe by 2050. As a result, EMDEs have become the action ground to shape the climate transition. And one of the measures via which these economies are powering their efforts to reduce emissions and mitigate climate change is green transition.