Gallagher Publishes Op-Ed on Global Green Energy Finance

In this Dec. 22, 2016 photo, 50,000 mirrors, known as heliostats, encircle the solar tower in the Negev desert, near in Ashelim, southern Israel. In sunny Israel, solar energy supplies just a small percentage of the nation’s power needs, leaving it trailing far behind countries with cloudier and colder climates. Now it is trying to turn that around with a large-scale project, highlighted by the world’s tallest solar tower, that could mark a giant leap for the country’s fledgling renewable energy industry. (AP Photo/Oded Balilty)

Kevin Gallagher, Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University and Director of BU’s Global Development Policy Center (GDP Center), published a South China Post op-ed in which he argues for an increase in financing for green energy around the world. 

In the article, titled “As the world says no to coal, China is poised to lead on green energy finance,” Gallagher applauds the pledge of all major public financiers to stop supporting the global coal industry; however, he notes that it’s not enough to be against coal and now is the time to support global green energy projects. China already is leading the charge in green energy financing, and Gallagher argues that Western countries need to watch them and follow suit in order to encourage green energy development abroad and maximize benefits from such investments.

An excerpt:

China and other large economies should match their recent pledges against coal finance with commitments to support green energy transformations around the world…The opportunities to support green energy finance are also big. In a recent paper, we analyzed developing countries’ nationally determined contributions (NDCs) – legally binding targets to reduce greenhouse gas emissions under the Paris Agreement – and found thousands of renewable energy opportunities worth US$800 billion.

The full article can be read on South China Morning Post‘s website.

Kevin Gallagher is a professor of global development policy at Boston University’s Frederick S. Pardee School of Global Studies, where he directs the Global Development Policy Center. He is the author or co-author of six books, including most recently, The China Triangle: Latin America’s China Boom and the Fate of the Washington Consensus. Read more about Professor Gallagher on his Pardee School faculty profile.