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BRI energy investment to hit $27 trillion by 2050

By Jing Shuiyu | chinadaily.com.cn | Updated: 2019-04-27 13:57
Global Energy Interconnection Development and Cooperation Organization, or GEIDCO, signs a memorandum of understanding with UN-Habitat in April in Beijing. [Photo provided to chinadaily.com.cn]

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 Organization (GEIDCO) at a side event during the second Belt and Road Forum for International Cooperation.

During the event GEIDCO signed three agreements and three memoranda of understanding with UN agencies, governments, international organizations and universities.

Liu Zhenya, the organization's chairman, said the grand vision for BRI countries and regions is an important step for realizing 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 has signed an agreement with both the Gulf Cooperation Council Interconnection Authority and GEIDCO.

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