Search

Developed country pledges to provide finance to developing countries for their mitigation actions sit at the heart of international climate cooperation. Currently, climate finance largely flows to big and fast-growing developing countries while low-income and vulnerable countries are underserved. Here, using wind and solar project data, we highlight inequities in the distribution of international investments in mitigation across devel-oping countries and explore the factors that influence public and private investment flows. Results show that public actors are influenced by domestic climate policies since the Paris Agreement, while private finance flows are shaped by investment suitability conditions, which restricts access to both types of finance in the poorest countries. Further, public and private flows are strongly shaped by path dependency, generating an "investment lock-in"that perpetuates distributional inequities. Future international commitments to direct climate finance should address distributional issues to meet countries' needs and the goals of the Paris Agreement., QC 20231218

Decarbonisation plans across the globe require zero-carbon energy sources to be widely deployed by 2050 or 2060. Solar energy is the most widely available energy resource on Earth, and its economic attractiveness is improving fast in a cycle of increasing investments. Here we use data-driven conditional technology and economic forecasting modelling to establish which zero carbon power sources could become dominant worldwide. We find that, due to technological trajectories set in motion by past policy, a global irreversible solar tipping point may have passed where solar energy gradually comes to dominate global electricity markets, without any further climate policies. Uncertainties arise, however, over grid stability in a renewables-dominated power system, the availability of sufficient finance in underdeveloped economies, the capacity of supply chains and political resistance from regions that lose employment. Policies resolving these barriers may be more effective than price instruments to accelerate the transition to clean energy., QC 20231130