A new report from Bloomberg New Energy Finance has found that developing nations attracted a record $126 billion in clean energy investment in 2014.
Clean energy investment of $126 billion represents an increase of $35.5 billion, or 39%, on 2013 clean energy investment levels.
Most importantly, however, this figure eclipsed the amount of clean energy investment attracted by the world’s wealthiest countries. On top of that, developing nations made the most out of this investment by building more wind, solar, and other renewable power generation than ever before.
This, according to Climatescope, “the clean energy country competitiveness index, interactive report, and online tool supported by the UK government, US government, and the Inter-American Development Bank Group” and offering “a compelling portrait of clean energy activity in 55 emerging markets in Africa, Asia and Latin America and the Caribbean” including “major developing nations China, India, Pakistan, Brazil, Chile, Mexico, Kenya, Tanzania and South Africa.”
This is the second edition of Climatescope — which was originally announced back towards the end of 2013 — the first edition highlighting the tremendous surge in clean energy throughout the 55 emerging markets driven by a desire for energy security, decreasing costs of renewable energy, improving clean energy policy, and “generally strong macroeconomic growth.”
In addition to the aforementioned record clean energy investment intake, the second edition reached these key findings:
- China added 35 GW of new renewable power generating capacity in 2014, more than the combined build of the US, UK, and France combined.
- A total of 50.4 GW of new renewable energy capacity was built in Climatescope countries, representing a 21% increase over 2013.
- This growth took place despite a number of Climatescope countries seeing economic growth rates slow, with average domestic product growth slipping to 5.7% in 2014, down from 6.4% in 2013.
- “South-South” investment — clean energy investment derived from and invested in developing nations — surged to $79 billion in 2014, up from $53 billion in 2013.
- “Continuing declines in clean energy costs appear to be driving growth,” wrote Bloomberg.