Energy transition in the world’s fastest growing economies

The 2018 Climatescope Report, titled Emerging Markets Outlook 2018: Energy transition in the world’s fastest growing economies, reports that the world’s developing countries are driving the global clean power transition, fuelled by sinking technology costs and surging electricity demand. Earlier, the 2017 Climatescope Report had documented a noticeable shift in the locus of clean energy activity from the Global North to the Global South.
 

 
According to the 2018 report, India has ranked 2nd, as opposed to last year’s 5th position due to its increased investments, clean energy installations and world’s largest and most competitive renewables auction market. In 2017, the Indian market contracted over 10.5 GW from solar and wind. Also, the solar market in the country doubled in size with a record 8GW of annual PV installations. Chile has emerged at top in this ranking in light of its strong government policies, demonstrated track record of clean energy investment and commitment towards decarbonisation, despite prevalent grid constraints.
 

 
In comparison, China fell from 1st to 7th position due to curtailment issues, suspension of subsidies and openness to international investors over the availability of local manufacturing. However, China remains critical to the global clean energy story given its unrivaled clean energy investment and potential for decarbonisation. Brazil’s 4th position can be attributed to its pioneering and competitive auctions to contract clean energy that led to the addition of 24.8GW of renewable energy in 2009-2017. Despite its economic crisis, cancelled auctions and plummeting clean energy investment, Brazil’s clean energy sector appears to be poised for new growth.
 

 
These rankings support the progress made by the BRICS countries are dominating the global landscape for solar energy. Other countries in the Top 10 of the 2018 Climatescope rankings include Jordan (3rd), Rwanda (5th), Philippines (6th), Mexico (8th), Peru (9th) and Thailand (10th). However, according to the 2018 Climatescope Report, there is a long way to go before these developing countries are able to leverage their successes in achieving clean energy so far, in completely de-carbonising their power sectors in the future.
 
India Outbound
December 19, 2018

source https://indiaoutbound.org/energy-transition-in-the-worlds-fastest-growing-economies/