Clean energy uptake in 55 emerging markets has grown at a faster pace than in developed countries in the past 5 years says Bloomberg New Energy Finance (BNEF).
According to Climatescope 2014, a joint initiative of BNEF, the Multilateral Investment Fund (MIF) and the UK Government’s Department for International Development (DFID), the 55 nations added 142 GW of new, non-large hydro renewables capacity – a 143% growth rate. Wealthier OECD nations added 213GW – a growth rate of 84%
The top 10 Climatescope nations were China, Brazil, South Africa, India, Chile, Uruguay, Kenya, Mexico, Indonesia and Uganda.
A stand-out performer has been South Africa, with close to USD $10bn of clean energy investment in just the last two years.
The report also states small-scale renewables such as solar power systems offer the most efficient way to provide energy access to huge numbers of people currently living without electricity.
In the case of large scale photovoltaics, the BNEF levelised cost of electricity estimate ( LCOE) is USD $142 per megawatt hour, suggesting a ” potentially even match between this newer source of generation and existing generation”.
Climatescope covers solar, wind, small hydro, geothermal, biomass, and other zero-carbon emitting technologies; with the exception of large hydro.
BNEF notes demand for electricity overall is rapidly growing in the Climatescope nations. From 2008 through 2013, these countries added 603 gigawatts (GW) of new generation capacity, up by nearly a third. Over the same period, OECD nations added 258GW – growth of 9.6 percent.
BNEF says Climatescope shows the 55 countries are rapidly strengthening their policy frameworks and stronger policies attract more clean energy investment – an important point that the Australian government should perhaps take note of.
Data related to Climatescope 2014 and an interactive tool can be accessed at www.global-climatescope.org. The Climatescope initiative, which now covers markets in Africa, Asia and Latin America and the Caribbean, has also been assisted by the US Agency for International Development (USAID) under President Barack Obama’s ‘Power Africa’ initiative.
