I am a bit puzzled. Why are they forced to invest into fossil fuel projects when they are, as stated, not profitable enough?
Is the problem that they need energy projects and all of them are too expensive or is fossil fuel the problem because it already exists ? Also Fossil fuels are also widely used by the “Rich” countries.
Basicly these countries are in massive debt and have to repay their loans. The only realistic way of doing it is to extract fossil fuels.
Also having too much debt makes renewable investment less attractive. Generally speaking most green technologies are expensive in the begining and then make a good profit. Like you first have to pay for installig solar panels, but then they are nearly free to run. However fossil fuels are cheap to built initially, but then are expensive to operate due to fuel costs. If your country is in massive debt, it becomes much harder to make the inital investment into fossil fuels. Argentina for example should really be able to invest a lot into renewables as a relativly wealthy country. However bad financial policy has made that nearly impossible.
Imagine if you only had these options. You want electricity now without relying on completely overhauling your infrastructure to meet new grids. Solar,wind and anything always has to get added into it like it’s a new part of the circuit. This influences poor nations heavily. We already have cheap oil and gas electrical infrastructure because we’ve been developing it for 60 years. Just look at the investment prices and you will see they don’t get to make choices.
Edit: forgot to mention this industry in particular has been for a lot longer than anyone else in modern society using incentives and lobbying to also influence income streams.
“The debt caused by fossil fuels are being structured to be paid back by fossil fuels”
