Climate change explained: do green policies harm developing economies?

Synopsis

Green energy policies are not harming the economies of developing countries, as they have implemented very few such policies. Until the Paris accord, developing nations had no obligations to adopt green energy practices, while developed countries were expected to lead. Critics argue that it is unfair for developed nations to demand the cessation of oil and gas industries when they have already benefited from energy extraction. Since 2015, however, investment in new renewable energy sources, particularly wind and solar power, has surged in developing countries, surpassing that in developed nations. China plays a crucial role in this shift, heavily investing in solar energy and battery production, viewing it as a pivotal moment in the new Industrial Revolution. This transition is seen as essential for the future of modern economies, as developing countries seek to catch up without the financial means to invest in alternative energy sources.