UK & Brazil-led Global Clean Power Alliance targets developing countries to triple world renewables by 2030
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If you blinked you may have missed the announcement at the Rio de Janeiro G20 summit in November that the UK is leading a new Global Clean Power Alliance, aiming at tripling the world’s deployment of renewables and doubling energy efficiency by 2030.
The alliance cites the International Energy Agency claim that investment in clean energy needs to double in developed countries in the next five years. But it needs to increase six-fold in Emerging Markets and Developing Economies (EMDEs) – because only 15% of clean energy investment currently goes to poorer countries, where two-thirds of people live.
So far, alliance members include Brazil, Australia, Barbados, Canada, Chile, Colombia, France, Germany, Morocco, Norway, Tanzania and the African Uion, with additional support pledged from The United States and the European Union.
Brazil is heading the alliance’s two year Finance Mission – the first of a series of missions. Its aim is to provide mutual co-operation and support for developing countries to create investment platforms which will attract private capital for green initiatives. Future missions will include sharing green technologies and know-how.
Attracting private investment
The initiative is backed by clean energy funding, agreed at COP 28 in Dubai in 2023, which included a contribution of USD$325 from the USA, together with USD$420 million from the Pledge for Industrial Decarbonisation for emerging and developing countries, initiated by Germany and the UK at COP 29 in Azerbaijan in November.
Further contributions are expected from wealthier nations, but the alliance is clear that the mission’s success will depend on serious commitment and leadership from the countries it is supporting, to unlock major investments from the private sector.
Announcing the alliance alongside new Brazilian President Luiz Inácio Lula da Silva, Keir Starmer said that between July and November last year, the UK had attracted £34.8 billion private investment in clean energy initiatives, with 640,000 people now employed in green jobs – an example to the world of how the transition can drive growth and employment, as well as delivering low carbon, secure, home-grown energy.
Energy Secretary Ed Miliband added: ‘Brazil signing up to our finance mission is a huge vote of confidence ahead of the crucial COP30 summit in Belem next year. It sends a strong message to the world that together we can accelerate the clean energy revolution.’
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