Developing nations represent a large and rapidly growing share of the world’s clean energy investment, according to Climatescope 2014, a landmarkreport released by Bloomberg New Energy Finance. The results suggest renewable technologies can be just as cost-competitive in emerging parts of the world as they are in richer nations.
Climatescope, a country-by-country assessment, interactive report and index, offers the clearest picture yet of clean energy in 55 emerging markets in Africa, Asia and Latin America and the Caribbean. The findings show clean energy capacity added in these nations grew at a faster pace than in developed countries, more than doubling in the past five years and totalling 142 GW (more than France’s current capacity).
Climatescope's key findings include:
- THE TOP TEN: China, Brazil, South Africa, India, Chile, Uruguay, Kenya, Mexico, Indonesia, Uganda
- China ranks #1, but Brazil is close behind at #2: China received the highest ranking as the largest manufacturer of wind and solar equipment in the world and the largest demand market for said equipment.
- South Africa, Kenya and Uganda were among the top scorers: All have significant clean energy projects and programs; South Africa has surged ahead with nearly $10bn of clean energy investment undertaken in the last two years.
- Latin American and Caribbean nations were buoyed by Brazil, but also relative newcomer Uruguay: While Brazil still dominates, Latin America and the Caribbean as a whole is emerging as a destination for clean energy investment.
- Small-scale renewables offer the most efficient way to provide energy access to vast numbers of people living without power. Tanzania has the most advanced regulation to encourage these types of projects, with a host of small power projects in the pipeline.
- Demand for clean energy is growing faster on a percentage basis in these countries than in more developed nations. From 2008-2013, Climatescope nations added 142 GW (a bit more than the current total installed capacity of France) of new, non-large hydro renewables capacity. That represented a 143% growth rate. By comparison, wealthier OECD nations added 213GW, posting a clean energy capacity growth rate of 84%.
Climatescope shows that countries are rapidly strengthening their policy frameworks: Stronger policies attract more clean energy investment.
The Multilateral Investment Fund (MIF) of the Inter-American Development Bank Group (IDB), the UK Government Department for International Development (DFID), and the US Agency for International Development (USAID), under President Barack Obama’s “Power Africa” initiative, commissioned