For the first time ever, more than half of all investment in large-scale clean energy projects took place in emerging markets last year, not wealthier countries, a new report found.
In 2014, developing-country markets attracted a record $126 billion in clean energy investments, according to Bloomberg New Energy Finance (BNEF)’s annual Climatescope report, which ranks 55 developing countries for clean energy investment.
Key findings:
- Top-ranked China added 35GW of new renewable power-generating capacity– more than the 2014 clean energy build in the US, UK, and France combined.
- New renewable investment in in the 55 emerging economies rose 39% or $35.5 bln y/y to $126 bln in 2014.
- $10 bln of that came from wealthier nations (OECD) to emerging markets, while investment from developing countries to developing countries surged to $79 bln, up from $53bln.
- Costs associated with solar PV power down 15% y/y globally. Solar particularly competitive in emerging markets which often suffer from very high power prices from fossil generation while also very sunny.
- 50.4 GW of new clean capacity was built in the 55 countries, up 21% y/y.
- On a percentage basis, clean energy capacity is growing twice as quickly in the 55 nations compared to OECD.
By Ben Garside – ben@carbon-pulse.com
