The adoption of affordable electric technologies is set to break the cycle of expensive fossil fuel imports that currently drains the wealth of many emerging economies, according to the authors of the newly released report. By switching to local renewable energy like solar and battery storage, these nations can bypass volatile international markets and secure a more stable, self-sufficient path to prosperity.
“Electrotech reduces dependence on imported fossil fuels, which cost CVF importing countries $155 billion in 2024 and expose them to external price shocks,” the report states. It further notes that “The 138 GW of solar panels imported from China between 2020–2025 can generate electricity sufficient to avoid $20 billion in LNG or $42 billion in diesel imports annually.”
Essentially, many developing countries are currently trapped in a cycle where they must constantly spend their limited cash on oil and gas from other nations just to keep the lights on. Because the cost of solar panels and batteries has plummeted, it is now cheaper for these countries to build their own power sources at home. This means they can stop sending billions of dollars abroad and instead use that money to grow their own local economies.
The report “The electric fast-track for emerging markets” was published globally by energy think tank Ember, in partnership with the Climate Vulnerable Forum, on 2 April 2026. Authored by a team including Daan Walter and Sam Butler-Sloss, the analysis details how developing nations can bypass fossil fuel reliance through scalable and affordable electric technologies.
