IEEE Technology and Society Magazine - June 2018 - 21

has now become a major source
of foreign direct investment (FDI).
Most important is that this Southern
investment is directed back to the
South [23].
The World Bank, the International
Finance Corporation (IFC), and the
World Trade Organization (WTO) all
acknowledge the dramatic uptake of
South-South FDI. In fact it is project-
ed that South-South trade will soon
overtake trade between developed
nations [24]. The combined value
of FDI outflows from Brazil, Russia,
India, China and South Africa (the
"BRICS" countries) alone skyrock-
eted from U.S.$7 billion in 2000 to
U.S.$126 billion in 2012, with nearly
58% being received by other de -
veloping countries. So though still
a relatively small volume of total
direct investment outflow, South-
South FDI is growing at an annual
rate of 21% [23].
Developing Asia is the largest re-
cipient of FDI inflow, and accounted
for nearly 30% of global FDI in 2013.
China has strengthened its position
as "one of the leading sources of
FDI, and its outflows are expected
to surpass inflows within two years."
Flows to African countries have also
increased significantly. Between
1992 and 2011, China's trade with
Sub-Saharan Africa alone rose from
U.S.$1 billion to more than U.S.$140
billion [7], [25]. Africa's FDI inflow
increase is sustained in part by grow-
ing intra-African flow, from growing
consumer markets. The share of
investment projects originating from
within Africa increased to 18% in
2013 from 10% in 2008 [26, p. 19].
This intra-regional investment front
is led by Transnational Corporations
(TNCs) from South Africa, Kenya,
and Nigeria.
The rapid grow th of Chinese
outward FDI by both state-owned
and private Chinese corporations
was also catalyzed by deregulation.
The Chinese government has been
JUNE 2018

actively encouraging firms to invest
overseas through its "Going Out"
policy since 2000 [27]. Then in 2009
the Law Concerning the Control of
Outward FDI by the Chinese Minis-
try of Commerce came into force,
transferring authority to approve
investment plans to local govern-
ments and greatly simplifying appli-
cation criteria and process. In one
year Chinese outward to inward FDI
ratio jumped 10 percentage points
and from 49% in 2009 to 55.8%
in 2010 [28, p. 148]. As a result,
"China significantly expanded its
resources and energy availability
base, in addition to gaining a foot-
hold in the global manufacturing
sector" [28, p. 147]. Many southern
national and multilateral develop-
ment banks, such as the Asian Infra-
structure Development Bank (AIDB)
also expanded global development
financial flows, with banks able to
craft their own lending policies as
outward FDI became increasing-
ly deregulated.
Thus national development banks
and private investors from emerg-
ing economies such as China, Bra-
zil, Thailand, and India have picked
up the slack in international invest-
ment where MDBs like the World
Bank left off [23], [29]-[31].

A Critical Culmination:
The Large Dam Resurgence
All these conditions combined pro-
vide the ingredients for a great re-
surgence. Increasing energy demand
in the global south is being partly
driven by changes in the global
economy and together with increas-
ing focus on climate change mitiga-
tion commitments from the South
act as a driver for low-emission
technologies that deliver massive
amounts of power - ostensibly in
the form of projects such as the
mega-dam. New investment op-
portunities for such projects have
emerged from the south, filling the
∕

IEEE Technology and Society Magazine

gap left by a northern MDBs financ-
ing downturn.
And indeed this is the boom we
are seeing - globally, between 2005
and 2011, newly installed hydropow-
er capacity outpaced new generation
capacity from all other renewables
combined, driven mostly by hydro-
power development in Asia, led by
China, where - as discussed ear-
lier - energy security has become
a significant concern for sustaining
its economic development [32], [33].
Already home to more than half the
world's dams, China has built 850
more since 2000, scores of these
since 2005. India has added 296
dams since 2000 and together coun-
tries like Brazil and Peru in the Amazo-
nian basin have built or are planning
over 400 new dams [34]. Indeed, new
and resumed construction of mega-
dams is underway across the global
south, from Latin America to Asia
and Africa.
Beyond its own borders, China is
also funding or building more than
350 dams around the world [27].
Emerging as "contender to the power
of western donors" [29], China is par-
ticipating in at least $9.3 billion of
hydropower projects across the Afri-
can continent [35]. Companies like
Sinohydro Corporation and Dong-
fang Electric Corporation financed by
Chinese banks are investors behind
the $2.2 billion Gibe III in Ethio-
pia (Africa's tallest dam), Egypt's
$705 million Kajbar Dam, and Gha-
na's $729 million Bui Dam on the
Black Volta River. In recent years,
Chinese investors have been particu-
larly active in neighboring countries
along transboundary rivers such as
the Mekong [27]. In Southeast Asia,
the Three Gorges was completed in
2006, the Lao Nam Theun was com-
pleted in 2010, while over 40 GW of
hydropower is now planned in the
Mekong Basin and in East Malay-
sian Borneo a series of twelve mega-
dams are under development. China

21



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