Decarbonization in Developing Countries: A Systematic Review of Energy Transition, Climate Finance, and Policy Governance

Objective: This article aims to map the decarbonization strategies implemented in developing countries, identify driving factors and barriers, and formulate policy implications for accelerating the low-carbon energy transition. Research Design & Methods: This study employs an extensive literature review approach, examining indexed journal articles, reports from international institutions, and case studies from developing countries published. Findings: Decarbonization strategies in developing countries rest on three main pillars: the renewable energy transition, affordable climate finance, and the strengthening of cross-sectoral policy governance; however, their implementation remains constrained by high capital costs and institutional capacity gaps. Contribution: This study develops a synthesis framework that links the literature on energy economics, climate finance, and public policy to provide a comprehensive overview of decarbonization pathways in developing countries. Novelty: Unlike previous studies that tend to focus on a single dimension (technology or financing), this article simultaneously integrates economic, financial, and institutional dimensions by drawing on the latest literature published after 2019.