November 27, 2018 Read More →

BNEF: Developing countries add more renewables than fossil fuel generation for first time

Bloomberg:

Developing countries have added more clean power capacity than fossil fuel generation for the first time ever, charging ahead of wealthier nations in the global green energy push, according to Bloomberg NEF.

Wind and solar generation accounted for just over half of the 186 gigawatts of new power capacity in developing nations last year, according to BNEF’s annual Climatescope survey released Tuesday. Not only that, they’ve added more clean energy generation than developed economies, increasing zero-carbon capacity by 114 gigawatts compared with about 63 gigawatts in richer countries.

The findings show a turnaround from a decade ago when the world’s wealthiest nations dominated renewable investment and deployment activities. Many developing countries have an abundance of natural resources and lower equipment costs, allowing new renewable projects to become cheaper than fossil plants, according to the report.

“Just a few years ago, some argued that less developed nations could not, or even should not, expand power generation with zero-carbon sources because these were too expensive,” Dario Traum, BNEF Climatescope project manager said in a statement. “Today, these countries are leading the charge when it comes to deployment, investment, policy innovation and cost reductions.”

Emerging markets added the least new coal-fired power generating capacity last year since at least 2006. New coal plants in these countries slumped 38 percent from a year earlier to 48 gigawatts in 2017, which was about half of the peak in 2015, according to BNEF.

More: Clean power sees first win over fossil fuels in emerging markets

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