The Global South Doubles the Global North’s Renewable Energy Growth Rate

A new RMI report has found that countries in the Global South are experiencing a surge in clean energy investment. In the past, many renewable energy experts cautioned against concentrating most of the world’s clean energy funding in developed nations of the Global North. However, new research now shows that the Global South’s renewable energy growth rate is twice the rate seen in the Global North.

The Global South includes Southeast Asia, South Asia, Africa, and Latin America. RMI’s report found that green energy investments in the Global South were seven times larger than fossil fuel investments, compared to a decade ago when investments in both sectors were nearly equal. A fifth of the countries in the Global South have even surpassed developed nations in key metrics related to electrification, and wind and solar energy use.

Furthermore, the share of renewables in the electricity mix of eight sub-Saharan African nations was twice the size of America’s share, putting them on track to eliminate emissions from their economies. The report points to a growing electrification trend and notes that the Global South has seen notable progress in areas once considered at risk of being left behind.

The trend is evident across most regions. Although Africa typically attracts significantly less green energy investment than Western nations, the recent Dar-es-Salaam summit saw several large development banks pledge over $50 billion in financing over the next six years, opening the door to much-needed renewable energy projects across the continent.

Wind and solar energy production in China and the Global North followed a similar S-curve growth pattern, the report noted. Additionally, the share of wind and solar in the Global South’s electricity mix has grown at an average annual rate of 23% over the past five years, more than double the 11% growth rate in the Global North.

Latin America led the Global South in green energy development, followed by South Asia, which has also made significant investments in renewables. Several African nations have recently pledged to increase their green energy production, with 12 of them meeting at the Dar es Salaam summit to present national energy compacts that outline country-specific goals for expanding energy infrastructure and encouraging private-sector participation.

The analysis found that many nations in the Global South are outperforming their Global North counterparts in the green transition. Several sub-Saharan African nations are ahead of the U.S. in solar energy adoption, while Latin America is increasing its share of solar and wind power faster than China, despite China being a dominant force in the global renewable energy industry.

This accelerated progress shows that with adequate investment, the Global South can be part of global decarbonization and help reshape the future of clean energy development across emerging economies.

If this trend of the Global South accelerating its energy transition continues, new market opportunities are likely to open up for entities like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) in the Global South as clean energy uptake gathers momentum.

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