African economies need to spend one-third of their GDPs by 2030 to meet renewable energy SDGs, …

Frontier economies, mostly located in Africa, would need to spend one-third of their GDP by 2030 to achieve renewable power generation goals under the Sustainable Development Goal (SDG) scenario, compared with about 11% of GDP for other emerging markets and 4% for G7 economies, credit rating agency S&P Global president Yann Le Pallec has pointed out. “We need to address the transition and adaptation financing gap in low-income countries, which, in our view, is a major issue. Absent a strong global mobilisation from all stakeholders, the financing gap will continue to grow,” he said on June 4 at the 2025 S&P Global Ratings’ South Africa Conference, in Johannesburg.