Investment in energy in Belt and Road Initiative economies is expected to total $27 trillion by 2050, according to an international report.
The report predicted that $20 trillion of this investment will be in facilitating power supplies, with the remainder in the construction of grid infrastructure.
The investment could help create 200 million new jobs, said the report, published by the Global Energy Interconnection Development and Cooperation Organisation (GEIDCO) at a side event during the second Belt and Road Forum for International Cooperation.
During the event, GEIDCO signed three agreements and three memorandum of understanding with UN Agencies, Governments, International Organisations and Universities.
Liu Zhenya, the organisation’s Chairman, said the grand vision for BRI countries and regions is an important step for realising energy interconnection around the word
The energy plan seeks to align with BRI and coordinate clean energy development while strengthening domestic grids in BRI countries, Liu said.
It can provide safe, economical, clean, and sustainable power supplies and promote local economies, societies, and the ecologies in a sustainable way, Liu said.
Seleshi Bekele, Ethiopian Minister of Water, Irrigation and Energy, said the plan will help the Country tap into its potential. “As we shift to a completely clean energy structure, the agreements will help,” he said.
Ethiopia’s Ministry of Water, Irrigation and Electricity have signed an agreement with both the Gulf Cooperation Council Interconnection Authority and GEIDCO.