- This year’s award spotlighted the agencies’ work in attracting investment for the transition to clean, sustainable energy to curb climate change.
- Developing countries need about $1.7 trillion of renewable energy investments annually but attracted only $544 billion in 2022.
Ten investment promotion agencies and special economic zones won the annual United Nations Investment Promotion Awards yesterday at UNCTAD’s World Investment Forum 2023. The winners hail from Brazil, China, Egypt, France, India, Namibia, the Republic of Korea, South Africa, Türkiye and the United Arab Emirates.
The agencies from Brazil, India and the Republic of Korea received a special distinction from the jury. This year’s award spotlighted the work of the agencies in attracting investment to accelerate the transition to clean, sustainable energy aimed at curbing climate change. It also recognised innovative approaches to investment promotion, finance and partnerships.
While international investment in renewable energy has nearly tripled since the adoption of the Paris Agreement in 2015, much of the growth has been concentrated in developed countries. According to UNCTAD’s World Investment Report 2023, developing countries need renewable energy investments of about $1.7 trillion annually but attracted only $544 billion in 2022.