A decade ago, it was the world’s wealthiest countries that accounted for the bulk of investment in renewable energy. However, since then, developing nations are today leading the way in a world where electricity demand increases while technology costs fall. The locus of clean energy activity had shifted noticeably from “North” to “South”, from OECD to non-OECD countries.
A recent report ‘Climatescope’ – produced by energy researchers Bloomberg NEE – has studied 80 indicators such as clean energy policies, emissions, and installed capacities for 103 different countries, and ranked their findings. The results show that developing nations are now driving the world’s slow shift towards a cleaner-powered future.
India’s second position represents a climb of three spots from the 5th position it held last year. In comparison, China ranked 7th, down from the top position last year.
The Indian government has set an ambitious goal of reaching 175GW of clean energy generation by March 2022. Clean energy investments, mostly related to solar power projects, added up to $7.4 billion in the first half of 2018, the report said.
Although renewable energy installations surpassed those by coal power plants for the first time in 2017, India does still depend on coal for three quarters of its energy requirements. China, India, Indonesia, and South Africa account for 86% of coal-fired plants currently under construction in developing nations.
The report highlights:
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