Renewable energy is helping to boost the growth in all of the emerging markets, and provides a lower cost solution to the region’s energy needs.
India and China will lead the growth in wind, solar, and hydroelectric power, with other EM countries such as Vietnam and Brazil closely following. The emerging market has considerable upside for renewable energy projects.
The 2015 investment in renewable energy for the EM regions exceeded the developed economies. China, Indian and Brazil invested $156 billion and the indications are that the 2016 numbers will show significant growth in investment. South Africa, Mexico and Chile are all investing heavily in renewable energy projects going forward.
In India renewable energy is at a lower cost than coal, and Tata Power is building over 400 megawatts (MW) of new wind energy installations in 2017 & 2018.
The Asian Development Bank (ADB) has listed renewable energy, protection of the environment and climate change as the top priorities, along with ADB’s strategy for creating jobs and improving infrastructure and quality of service.