Emerging economies have been strikingly successful in raising equity finance in the form of foreign directinvestment, which accounted for almost half of the private capital they imported in 2005.
Even in Ethiopia, one of the prime recipients of land-based foreign directinvestment in Africa, the law does not allow private ownership of the land, which belongs to the State.
What really matters to create a new clean energy economy and stimulate privateinvestment in the near-term are policy regimes that employ direct and targeted public investments to cover the cost gap between higher-cost clean energy and fossil fuels.