(Bloomberg) -- Green power projects worth $5.1 trillion are expected to be developed in emerging markets by 2040 as the world shifts to cleaner energy generation to cut emissions, according to S&P Global Commodity Insights.
Population growth, urbanization, economic development and electrification will create 620 terawatt hours of additional power supply requirements in emerging markets every year for the next 15 years, S&P wrote in a report. That’s equivalent to Brazil’s current power needs, it said.
Investment in clean energy globally has accelerated since 2020, with spending on renewable power, grids and storage now higher than fossil fuels such as coal and gas, according to the International Energy Agency. Emerging markets are set to develop 5,800 gigawatts of clean energy by 2040, S&P said.
Despite more clean energy investments, the world is still struggling to meet a pledge to triple renewable power by the end of the decade, the IEA said in June. Carbon dioxide emissions are also rising globally.
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