ABSTRACT

The problematic of funding is a crucial one in all economies in general and developing countries in particular. Internal sources have proven to be very limited and insufficient to fund the development of States, hence the interest in external funding. Development takes various forms and in our case we choose to focus on the energy sector which powers an economy but is stalled by the scarcity in funding energy projects. From this general problem stems our research question as to how a sustainable development approach which mobilizes green marketing instruments can be used to attract international investments.

In a context marked by sustainable development, aiming to follow the sustainable development goals is a necessity which drives us to the need to develop a preference for renewable energy over fossil energy. In order to affirm this, our principal hypothesis stipulated that, the adoption of a sustainable development approach which inherently mobilizes green marketing tools will favor the attraction of international investments.

To establish this, the analysis of this research was grounded on a theoretical and methodological approach. With the theoretical approach, two theories were mobilized; the theory of liberal institutionalism and the game theory which both goes a long way to explain our stand. With the methodological approach we worked on the collection and analysis of information gathered with the use of an interview guide. This led us to a conclusion which enlightened us on how to mold the energy sector to inculcate the sustainable development approach to favor the inflow of international investments, specifically in the renewable energy sector in Cameroon.

Our conclusions drove us to recognize that at various levels, that is, legal, institutional; technical and technological, various ways could be mobilized to attract foreign investments in the sector. As major highlights we had the creation of a Renewable Energy Development Agency which was provided for but till date has never been created. Other pertinent points at the legal level will be to develop an appropriate legal framework to facilitate and regulate the harmonious implementation of the political objectives in the sector.

Key words: Sustainable development; International investment; Renewable energy; Attraction; IED Invest.

I- CONTEXT AND JUSTIFICATION OF THE STUDY

Global trends continue to indicate that investing in renewable energy is investing in a profitable future1. In the yester years, investors’ motives were grounded on the basis of traditional economic theories and thoughts. Some of these traditional theories which defined international investments were the classical theories such as the theories of absolute and comparative advantages of Adam Smith and David Riccardo respectively, which laid emphasis on the economic viability of countries as a prerequisite for international investments. However evolved to take into consideration other variables after the Rio Conference on Environment and Development which took place in 1992, more precisely after the Kyoto Protocol (1997) which illustrated the formidable difficulties faced by the world’s Governments in finding a solution to devastating ecological problems, laying down the basis of Environmental Diplomacy2.
Modern economic development as we know today, is the product of the industrialization process of the last two centuries, fueled primarily by non-renewable mineral sources extracted from the earth. Necessity being the mother of invention, dependence on non-renewable sources had to be abandoned in the like of effects and studies from their degradation to their effect on the planet earth. People then turned to traditional energy sources like biomass, water, wind which had been marginalized in the world energy mix3. The interest in renewable energy gradually increased since the 1973 oil crisis which exposed the major shortcomings of energy derived from fossils. The role of energy in an economy is a vital one as it ensures growth/development thanks to their effects of creating new employment opportunities, increasing efficiency and creating added value, and in this respect, they play a key role in the elimination of differences in economic development4.