· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: The Rockefeller Foundation's report reveals that the world's poorest nations must triple their power production by 2050 to prosper, emphasizing the need for green energy to prevent significant climate-warming emissions
• These 72 nations, primarily in Africa, require 8,700 terawatt hours of clean energy annually, equating to 5,000 gigawatts of new capacity
🔭 The context: With 3.8 billion people lacking sufficient electricity, the demand for power in these regions is expected to rise sharply
• Despite currently low energy consumption, these countries have significant solar energy potential and access to increasingly affordable green technologies
🌍 Why it matters for the planet: Transitioning to renewable energy in these nations is critical to avoiding a future where they contribute three-quarters of global emissions by 2050
• Green energy investments can help mitigate climate change while fostering economic growth and energy access
⏭️ What's next: The World Bank's Mission 300 program aims to provide 300 million Africans with electricity by 2030, with significant funding commitments from the World Bank and African Development Bank
• Countries must implement reforms to access these funds and attract private investment
💬 One quote: “For those billions, and the good of everyone on the planet, we must plan for a future of energy abundance that avoids triggering a climate crisis,” the report states
📈 One stat: These 72 energy-poor nations need to deploy 8,700 terawatt hours of clean energy annually, twice the current power generation of the United States
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