Climatescope: Developing countries added 18% more renewable energy generation capacity than wealthier nations

Annual clean energy capacity additions (GW): Solar’s share significantly increases. Chart: Climatescope 2016
Annual clean energy capacity additions (GW): Solar’s share significantly increases. Chart: Climatescope 2016

Developing countries have taken a decisive lead over developed economies in clean energy development, adding 18% more renewable energy generation capacity than wealthier nations, and with four in five having set national clean energy targets in the run up to UN-sponsored climate negotiations in Paris.

These are the latest findings of Climatescope, the annual clean energy country competitiveness index launched today by Bloomberg New Energy Finance with support from the UK and U.S. governments, which provides the clearest picture yet of clean energy activity in 58 emerging markets  in Africa, Asia, and Latin America and the Caribbean.

Between them, Climatescope nations added 69.8 gigawatts of new wind, solar, geothermal, and other renewable power generating capacity in 2015 – the same as total installed capacity in Australia today.

China accounted for the majority of activity in Climatescope countries, but smaller nations also played important roles. By comparison, wealthier Organisation for Economic and Co-operation and Development (OECD) countries built 59.2 gigawatts last year.

 

Cheap solar can now compete against fossil-fuelled projects on price in some nations

According to Climatescope, steep solar equipment cost declines are catalysing build and driving growth. Investment in utility-scale solar in Climatescope nations spiked 43% to USD 71.8 billion in 2015. Tenders held for power-delivery contracts have highlighted that photovoltaics (PV) can now compete against and beat fossil-fuelled projects on price in some nations.

In addition, cheap solar, innovative business models, and a new breed of entrepreneurs are revolutionizing how energy access issues are addressed in least developed nations.

New players focused on “off-grid” or “mini-grid” solutions are challenging the assumption that only an expanded hub-and-spoke power grid can meet the needs of the world’s 1.2 billion with inadequate access to power.

All of the research is easily accessed at: global-climatescope.org

 

2016-12-15 | Courtesy: Bloomberg New Energy Finance | solarserver.com © Heindl Server GmbH

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