Southern countries, which are home to 65% of the world's population, receive only 15% of investments allocated for green energy development, Egypt's Minister of International Cooperation Rania Al-Mashat said at the Investment Forum on Energy Transition in Central Asia within COP29 in Baku, Report informs.
She noted that the volume of projected investments in renewable energy worldwide reaches $6.6 trillion.
However, due to lack of investment and absence of international support, some regions risk being left behind, she added.
"This means southern countries will have to struggle to attract the necessary volume of investments for effective energy transition. Annual investments must reach approximately $1 trillion, meaning an eight-fold increase, so that developing countries and growing economies can make the transition to clean energy technologies," she said.