This exciting new report shows that – for the first time ever – clean energy has won out over fossil fuels in developing countries.
Out of the 186 gigawatts of new power capacity that was built in developing nations in 2017, over half of it was wind and solar power.
According to the report, BNEF’s annual Climatescope survey, developing nations even added more clean energy capacity than richer countries that previously cautioned them to avoid pursuing alternative energy technologies because they were too expensive.
In total, developing nations contributed 114 gigawatts of clean energy capacity compared to 63 gigawatts that were added by wealthier nations.
“This marks a remarkable turnabout from a decade ago when the world’s wealthiest countries accounted for the bulk of renewable investment and deployment activity,” reads the report. “Developing nations at the time were viewed as holding enormous promise only; wind, solar, geothermal and other clean technologies were regarded as too expensive for mass deployment.”
By accounting for clean energy investments and installations from 103 countries, Climatescope ranks Chile as the leading champion of renewable energy with India following closely behind in second place after they jumped up from its fifth place ranking in 2016.
The report goes on to detail how new coal power has fallen by almost half since it peaked at 97 gigawatts in 2015.
The exciting data proves that – contrary to what wealthier countries might say – developing nations are the ones driving down clean energy costs and making them more competitive against fossil fuels.
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