The energy transition: a catalyst to address the global triple crisis

The world faces a 'triple crisis' of cost of living, energy security, and food security, which disproportionately affects developing countries and is exacerbated by rising energy prices. While the energy transition offers a path to address these issues, renewable energy deployment in emerging markets and developing economies (EMDEs) is lagging behind the Global North and China/India. This disparity is driven by a lack of access to capital and prohibitively high interest rates, which increase the cost of technology. For example, the cost of solar PV in Pakistan is 57% higher than in the United States due to capital costs. To unlock renewables, the document proposes systemic financial solutions focused on identifying investment pipelines, developing innovative financing mechanisms to crowd in private capital, and improving climate risk pricing and local currency investing.

• The 'triple crisis' consists of severe cost of living, energy security, and food security challenges. These are interlinked through rising energy prices, which increase the cost of living and reduce the availability of fuel and fertilizers, thereby impacting agricultural productivity.
• Renewable energy growth has slowed in the Global South compared to the 1990-2000 period, while it has increased in the Global North and in China and India over the last 20 years. This occurs despite consistently rising energy demand in developing countries.
• Investment in clean energy is heavily skewed toward advanced economies; in 2021, only 20% of global clean energy technology investment went to emerging and developing economies, excluding China.
• High costs of capital in developing countries diminish the economic advantage of renewables. For a solar PV project costing USD 1 million/MW, the final cost rises to USD 1.7 million in Pakistan compared to USD 1.1 million in the United States, representing a 57% difference.
• In Africa, total energy supply investments have decreased because the decline in fossil fuel investment has not been offset by increases in renewables investment.

APA

Sustainable Energy for All (n.d.). The energy transition: a catalyst to address the global triple crisis. https://www.seforall.org/system/files/2023-08/G20%20flyer_090823.pdf

Chicago

Sustainable Energy for All. The energy transition: a catalyst to address the global triple crisis. n.d. https://www.seforall.org/system/files/2023-08/G20%20flyer_090823.pdf.

Wikipedia

{{cite report |author=Sustainable Energy for All |title=The energy transition: a catalyst to address the global triple crisis |url=https://www.seforall.org/system/files/2023-08/G20%20flyer_090823.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{sustainableenergyforallndenergy, author = {{Sustainable Energy for All}}, title = {{The energy transition: a catalyst to address the global triple crisis}}, institution = {Sustainable Energy for All}, url = {https://www.seforall.org/system/files/2023-08/G20%20flyer_090823.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }