Developing nations are driving new global renewables growth, with increasing numbers of governments around the world adopting strong policy mechanisms to boost renewable energy uptake and innovation, a new report has found.
According to the Renewables 2014 Global Status Report, released last Thursday by the Renewable Energy Network for the 21st Century (REN21), the number of developing countries with policies supporting renewable energy expansion has grown more than six-fold in just eight years.
“Aided by continuing technological advances, falling prices, and innovations in financing – all driven largely by policy support – renewables have become increasingly affordable for a broader range of consumers worldwide,” the report notes.
In even more countries, it notes, renewable energy is considered crucial for meeting current and future energy needs.
The report says policy support has seen countries like Uruguay, Costa Rica, Vietnam, Kenya and Mauritius join the renewables ranks of the US and China in 2013.
As a share of a country’s GDP, Uruguay lead the world in 2013 for investing the greatest amount in renewable power and fuel, followed by Mauritius, Costa Rica, South Africa and Nicaragua.
Brazil was a top five investor in solar hot water systems and hydropower capacity, as well as biodiesel and ethanol fuel production.
© 2014 Solar Choice Pty Ltd