- The Clean Energy Investment Mobilization Network was launched at WEF Davos.
- Twenty leaders aim to accelerate the energy transition, focusing on Africa.
The Clean Energy Investment Mobilization Network for the Global South was launched after the World Economic Forum (WEF) in Davos. Twenty ministers and business leaders from Namibia, Nigeria, and South Africa aim to expedite the energy transition, particularly in Africa. Rania A. Al-Mashat, Egypt’s Minister of International Cooperation, and Samaila Zubairu, President and CEO of the Africa Finance Corporation, lead the network.
The network seeks collaboration to identify investment needs for a just, inclusive, and sustainable energy transition in the Global South. Al-Mashat stresses the network as a pivotal platform for clean energy capital solutions, leveraging innovative policies, business models, and financing mechanisms. Members will exchange best practices to attract sustainable capital flows. The Clean Energy Investment Mobilization Network for the South aims to mobilise between $2,200 and $2,800 billion.
This mobilisation is crucial, especially in Africa, where electrification only receives 3 per cent of global investment in renewable energies. This disparity extends to other Southern countries. The report “Building Trust through an Equitable and Inclusive Energy Transition,” released during the WEF on January 14, 2024, forecasts a tripling of annual investments by 2030 in these nations, which received $770 billion for their energy transition efforts last year.