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Climate change to hit development in the global south

Thursday, July 29, 2021

Significance

In a scenario in which it becomes increasingly evident that carbon neutrality will not be reached by 2050, governments may switch the focus of spending from the energy transition towards measures designed to address a changing climate. This is more likely in the developing world, which has less chance of reaping the economic opportunities of energy transition.

Impacts

  • Governments will have to incorporate both transitioning to clean energy and resilience against climate change impacts into their policies.
  • As economies recover from the pandemic, developing countries' calls for financial assistance with energy transition costs will rise.
  • Developed nations will emerge from the pandemic with stretched budgets, and some will face pressure to spend less on international aid.
  • The need for heightened international cooperation to deliver the energy transition worldwide will test existing institutions.
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