Clean energy investment in emerging and developing economies outside China needs to rise more than sixfold in next 10 years, but securing affordable financing is a major hurdle. Global clean energy investment has risen by 40% since 2020, reaching an estimated USD 1.8 trillion in 2023, but almost all the recent growth has been in advanced economies and in China. By contrast, other emerging and developing economies account for less than 15% of total investment, despite being home to 65% of the world’s population and generating about a third of global gross domestic product. Capital flows to clean energy projects in many emerging and developing economies remain worryingly low. To get on track for limiting global warming to 1.5 °C, clean energy investment in emerging and developing economies outside China needs to increase more than sixfold, from USD 270 billion today to USD 1.6 trillion by the early 2030s. The availability of concessional finance – primarily from international development finance institutions – would also need to triple within this timeframe. Investments are needed across a range of different sectors, but three areas stand out, according to the report. Almost half of the total clean energy investment over the next ten years in emerging and developing economies outside China needs to go to utility-scale solar and wind projects, electricity networks and spending on more energy-efficient building designs and appliances.