Developing nations eclipsed the world's wealthiest countries in 2014, attracting more clean energy investment and building more wind, solar and other renewable power generation than ever before, according to a global analysis authored by Bloomberg New Energy Finance (BNEF).
BNEF says Climatescope, the clean energy country competitiveness index, interactive report, and online tool supported by the U.K. government, U.S. government, and the Inter-American Development Bank Group, offers a compelling portrait of clean energy activity in 55 emerging markets in Africa, Asia, Latin America and the Caribbean. The group includes major developing nations China, India, Pakistan, Brazil, Chile, Mexico, Kenya, Tanzania and South Africa, as well as dozens of others.
According to BNEF, Climatescope's key findings include the following:
– For the first time ever, over half of all new annual investment into clean energy power generating projects globally went toward projects in emerging markets, rather than toward wealthier countries.
– New investment in renewables soared in 2014 in the 55 Climatescope countries assessed to hit a record annual high of $126 billionÂ – up $35.5 billion, or 39%, from 2013 levels.
– The results were substantially bolstered by the remarkable growth in China, which added 35 GW of new renewable power generating capacity all on its own – more than the 2014 clean energy build in the U.S., U.K. and France combined.
– Meanwhile, ‘South-South’ investment (funds deployed in Climatescope nations from banks or other financial institutions based in those countries) surged to $79 billion in 2014 from $53 billion the year prior.
– A total of 50.4 GW of new clean capacity was built in Climatescope countries, marking a 21% uptick from the prior year. In another first, renewables capacity deployed in emerging markets topped that in wealthier Organization for Economic Co-operation and Development (OECD) nations. On a percentage basis, clean energy capacity is growing twice as quickly in Climatescope nations compared to OECD ones.
– Progress in 2014 was achieved despite a number of countries in the survey seeing economic growth rates slow. Average gross domestic product growth across Climatescope nations slipped to 5.7% in 2014 from 6.4% in 2013, with the slow-down most apparent in major nations, including Brazil, South Africa and China. Despite the pullback, these three countries attracted a total of $103 billion in new clean energy investment in 2014.
All of the research is accessible at global-climatescope.org.