Egypt and Morocco have joined a new alliance launched by the World Economic Forum (WEF) which aims to unlock c. USD 2.2-2.8 tn in financing for the clean energy transition, according to a statement released last week. The Network to Mobilize Clean Energy Investment for the Global South initiative will be co-chaired by Egypt’s International Cooperation Minister Rania Al Mashat alongside the CEO of the Africa Finance Corporation Samaila Zubairu (LinkedIn).

More about the alliance: The alliance is made up of over 20 CEOs and government ministers from around the world and will provide a platform for members to collaborate on developing and launching clean energy capital solutions by leveraging policy and finance mechanisms among other avenues, the statement explains. Other members of the Global South alliance include CEOs and ministers from Colombia, India, Japan, Malaysia, Namibia, Nigeria, Norway, Kenya and South Africa.

An urgent call for equitable energy transition: A recent report (pdf) outlining a framework for policy makers to achieve an equitable and inclusive energy transition underscores the need to triple annual clean energy investments in the Global South from USD 770 bn to between USD 2.2 - 2.8 tn in the beginning of the next decade.

ICYMI- Investors are already trying to boost growth in the Global South: The UK's Zero13 and investment firm XTCC unveiled a Statement of Accord with the aim of investing USD 100 bn in carbon credits in a bid to address the annual climate finance gap on Thursday. The accord offers a financial and digital platform for investors in carbon credits with the aim of boosting development and infrastructure in the Global South and developing markets with a focus on renewable energy and regenerative agriculture.

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