Nigeria and several other developing nations have received a substantial $21.57 billion for clean energy development, marking a sharp increase from the $12.14 billion allocated in 2015. The announcement was made by the United Nations Framework Convention on Climate Change (UNFCCC) in its newly released Yearbook of Global Climate Action 2025, titled Marrakech Partnership for Global Climate Action. This surge in funding underscores the growing global commitment to renewable energy adoption and climate resilience.
While the increase is encouraging, the UNFCCC cautioned that funding remains unevenly distributed. A handful of countries receive the majority of investments, leaving many developing nations struggling to access climate finance and essential clean technologies. The organization emphasized that achieving universal access to clean energy by 2030 will require not just technological deployment but equitable distribution of capital and local capacity building.
The report highlights that transitioning away from fossil fuels is one of the most transformative global challenges. Encouragingly, clean energy investments have begun to outpace fossil fuel spending, with a 10:1 ratio recorded in 2024. This reflects a shift in the market, where renewable energy solutions are increasingly economically preferred rather than reliant on subsidies, signaling a turning point for sustainable development in emerging economies.
Several factors have driven this momentum, including falling renewable energy costs, advances in electric mobility, and growing investor interest in low-carbon infrastructure. Solar, wind, and battery storage projects are now central to clean energy portfolios across developing countries, often supported by blended finance initiatives and sovereign green bonds that make these projects more financially viable.
Transportation electrification is also gaining traction in regions like Africa and Asia, including Nigeria. Governments are introducing electric vehicle and e-mobility policies aimed at reducing fuel dependency and lowering emissions in the transport sector. With these measures, Nigeria and other developing countries are positioned to accelerate their clean energy transition, creating a sustainable future while fostering economic growth.
source: newtelegraph