More than 600 million Africans don’t have access to electricity, hampering business growth and making it difficult to access education and health services,according to a report at  ClimateSpectator.

A key complaint from international investors looking to finance clean energy in developing countries is a lack of clear, reliable information on risks and regulatory issues, the report said.

A global index launched in 2012 in Latin America and the Caribbean has been expanded to include Africa and Asia. The index was designed to encourage governments to reform outdated regulation and boost investment from the private sector.

Named the Climatescope Index, it is backed by Britain, the U.S. and the Multilateral Investment Fund to measure and rank the investment climate for clean energy in developing countries.

An idea dreamed up by the Multilateral Investment Fund and compiled by Bloomberg New Energy Finance, the index examines government policies and level of investment in clean energy in 55 countries in Africa, Asia and Latin America. An annual ranking will list countries according to potential for private investment.

Climatescope heralds the first step in a joint drive by the U.K. and U.S. governments to increase investment in clean energy in Africa through the Power Africa initiative, ClimateSpectator reports.

“Investors are clear – they have the capital but need reliable information to decide where and how to invest it. This index will provide the research investors need, helping to drive investment into new areas and to secure clean, stable energy supplies for millions of the world’s poorest people,” said Justine Greening, U.K. international development secretary.

Climatescope will also act as a year-round tool giving investors access to policy information including updates on developments in the countries studied, according to the report.

The Climatescope Index will build on the existing Latin American Climatescope established by the Multilateral Investment Fund, the Inter-American Development Bank fund that supports micro, small and medium enterprises. The tool measured 26 countries across Latin America and the Caribbean and received 15,000 views and 6,000 downloads since its 2012 launch, ClimateSpectator reported.