It is encouraging to see how the low carbon energy transition is evolving. In Europe, we were always worried that non-OECD countries would follow the same high carbon development path that we took. Well, the signs are encouraging that sustainable energy policies are making strong headway. Yes, there is probably too many fossil fuels being used but there is a transition and that is most encouraging. Girish Shetti reports on the China Topix website about the results from a recent UN report about the impressive investments for renewable energy in 2015 in China, India and Brazil.
China, India Surpass Developed Nations in Renewable Energy Investment in 2015
India and China made more into renewable energy in 2015 than developed countries, according to a United Nations (UN) report.
The UN report titled as ‘Global Trends in Renewable Energy Investment 2016′ said the developing world including China, India and Brazil contributed a total of $156 billion in renewable energy in 2015.
The report revealed that in 2015 developing countries toppled developed countries for the very first time in renewable energy investment.
China led the investment among developing countries with $102.9 billion, a 17 percent rise from previous year. The total investment China made in 2015 constituted more than a third of global commitment.
India, on other hand, invested $10.2 billion in renewable energy in 2015, figuring among the top 10 investing countries. India’s investment rose 22 percent from the previous year.
The report noted that India recorded its second successive year of rise in investment, with its investment in renewable energy surpassing $10 billion for the first time since 2011.
Within developing nation, investment by “Big Three” (China, India and Brazil) saw rise of 16 per cent to $120.2 billion, while other emerging economies investment recorded a 30 percent rise to $36.1 billion.
Among developed economies, investment by Europe in 2015 fell by 21 percent, from $62 billion in 2014 to $48.8 billion in 2015. The report concluded that this was Europe’s lowest investment in renewable energy in nine years, despite Europe’s record investment in offshore wind projects in recent years.
The United States’ investment saw a rise of 19 percent to $44.1 billion in 2015, while Japan more or less invested the same amount as in 2014 at $4.9 billion.