S&P Global warns that while clean energy adoption is accelerating, the sheer scale of development in the Global South necessitates an all-of-the-above energy strategy. By the end of 2025, 63 percent of emerging markets in Africa, Asia, and Latin America were already generating more electricity from solar power than the United States. This shift is largely enabled by a flood of affordable clean technology exported from China.

Despite this progress, Dan Yergin, vice chairman of S&P Global, notes that renewables cannot carry the full burden of this expansion. Coal, oil, and gas will remain central to the global energy mix for decades to come, complicating international climate targets. Developing nations argue that they cannot afford to bypass fossil fuel development while waiting for renewable costs to drop, especially when facing extreme energy poverty. Katie Auth of the Energy for Growth Hub highlights that the average Liberian consumes less electricity annually than a standard household refrigerator, underscoring the urgent need for reliable power to drive job creation and rising incomes.