BRICS countries need to increase investment in low carbon energy to meet climate targets
OREANDA-NEWS. Financing clean energy infrastructure was high on the agenda at the BRICS Leaders’ Summit in Goa last month. But recent research has found that the BRICS countries – Brazil, Russia, India, China and South Africa – face a US$51 billion (344 billion yuan) annual funding shortfall to meet projected demand for new clean energy.
The study, by the Institute for Energy Economics and Financial Analysis (IEEFA), looks at the national renewable energy targets of BRICS countries and also the national estimates for the total required investment to meet them. BRICS countries have a collective renewable energy target of approximately 1250 gigawatts between 2020 and 2030, at a total estimated cost of US$975 billion (6.6 trillion yuan).