Improved access to cheap finance could dramatically accelerate the switch from fossil fuels to renewables in developing countries, according to a new study out this week from Bloomberg New Energy Finance (BloombergNEF). The research, commissioned by the Clean Technology Fund (CTF), found that concessional capital – where countries receive finance at below-average interest rates – can help make renewables like wind and solar cost-competitive with fossil fuels more quickly. A number of regions are thought to have already reached a tipping point where renewables have become the economic choice for new electricity capacity development, but the report suggests concessional finance could play a key role in accelerating this trend across more geographies.
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