Renewable Energy: Developing Economies Dominate the Global Landscape

The BRICS and other developing economies are the driving force when it comes to weaning the world off fossil fuels, according to a recent UN report (link: http://fs-unep-centre.org/sites/default/files/publications/gtr2018v2.pdf)

Global new investment in renewable energy: developed vs. developing countries, 2004-2017, $BNON 2016, $BN

2015 began the trend and by 2017, the developing countries clearly established their leadership with 63% of global renewable energy investment.  The big three – China, India and Brazil attracted more than 50% of the total global annual investment in renewable energy last year. In comparison, developed economies cumulatively contributed 37%. China, the undisputed leader, alone claimed 45% of the total global investment.

 

In dollar terms, the total investments in renewables in developing economies totalled $177.1 billion, which reflected a 20% increase from 2016. These figures disguise the corresponding drop in prices of renewable energy thereby making the progress of the developing economies even more impressive.

 

India was the fourth largest renewable energy investment destination in 2017, after China and the US with a total of $10.9 billion. However, that reflected an almost 21% drop in renewable investments year on year and experts suggest India needs substantially more investments to achieve PM Modi’s ambitious goals for the country.

The list below shows the top 10 countries with regards to renewable energy investment in 2017.

New investment in renewable energy by top 10 countries and asset class, 2017, and growth on 2016, $BN

Europe with a 36% drop in renewable energy investments, thanks to the UK investment in renewables dwindling down to $7.6 billion (a drop of 65%) and Germany losing 35% of its investment to $10.4 billion, was the key reasons why developed economies fared badly in 2017. Yet, both those countries retained their position within the top 10 while France and Belgium dropped out of the leader’s board.

 

Considering the European Union along with the US and China are the three top emitters (over 50%) of CO2 in the atmosphere, at some point, the EU needs to start taking the onus of controlling emissions rather than impose restrictions on the other countries.

 

“If your time to you
Is worth savin’
Then you better start swimmin’
Or you’ll sink like a stone
For the times they are a-changin’.” Bob Dylan 1963

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