- Daily Zen
A recent survey on renewable energy notes the best countries to invest in renewable energy are China, India, and Brazil against the USA or Europe. The report on the Global Investment Trends in Renewable Energy revealed that the developing nations invested $177 billion in the renewable energy whereas the developed nations invested $103 billion.
The energy generated by wind, solar, biomass and waste-to-energy, geothermal, marine and small hydro plants are accounted while establishing the top countries in renewable energy.
The global investment in renewable energy has moved 2% up in 2017 to $279.8 billion, cites the report released by UN Environment, the Frankfurt School-UNEP Collaborating Center and Bloomberg New Energy Finance. An impressive 157 gigawatts of green energy were sanctioned in 2017, increased from 143GW in 2016.
The world’s biggest emitter of carbon dioxide, China is on top of the best countries to invest in renewable energy list. The nation accounted for 45 percent of total renewable energy investment the previous year i.e. $126.6 billion. In favor of clean energy, China canceled 100 fossil fuel power projects in 2017.
In 2017, solar assets saw a boom in the alternative energy investment mainly due to China’s interest. The cumulative investment of top countries in renewable energy reached $104.3 billion out of which 63 percent was China’s contribution. The nation installed 53GW of solar capacity which is up by 58 percent and worth $86.5 billion.
The overall renewable energy asset finance worth $103.3 billion, a 14% increase on the previous year, places China in the top countries in renewable
The USA stands second in the list of energy best countries to invest in renewable energy. Although its investment is way less when you compare it to China’s contribution. The investment worth $40.5 billion reflects a 6 percent fall in USA’s renewable energy generation in 2017.
However, the nation is creating a base for massive wind energy capacity which climbed 27% to $19.6 billion this year.
A $2.9 billion project named Oklahoma Wind Catcher will be built at 2GW of capacity, the largest ever scheme. The other largest plant is the Texoma Wind Portfolio on the Texas-Oklahoma border costs $775 million and generates 500MW power.
On the other hand investment in utility-scale solar power fell 31% to $9.5 billion.
Similarly, the USA also saw 1 percent fall in the renewable energy asset finance, bringing the figure to $29.3 billion this year from $29.5 billion last year.
India experiences intense hot climate throughout the year. This makes it one of the best countries to invest in renewable energy generation, especially solar farms.
India’s investment chart is swinging between the $6-14 billion range since 2010. It added $10.9 billion to the global renewable energy investment, down by 20 percent.
Relying heavily on tropical geography, solar takes the biggest pie at $6.7 billion in Indian, an increase of 3 percent in Indian renewable energy investment. The other source of green energy is wind contributing $4 billion, 41 percent slip. India also witnessed a 24 percent fall in the renewable energy asset finance bringing the figure to $9.4 billion.
India is currently facing a slow pace in the renewable energy investment due to heavy import duty on Chinese products. However, the Indian Prime Minister Narendra Modi has aimed to generate 100 GW of solar power by 2022. Moreover, in May 2017, India canceled its plans to build 14 gigawatts of coal-fired power stations and instead opted for solar.
Germany and U.K are mature markets for renewable energy investment. The former is known as the world’s first major renewable energy economy. It boasts to cover 100 percent of electricity usage with green energy on Jan 1, 2018.
Germany has the highest renewable energy investment in Europe, of $10.4 billion which is though, a 35 percent downfall compared to the previous year. Overall Europe suffered a huge decline, from 36% to $40.9 billion. This happened because of lower costs per MW for offshore wind, and an ambiguity over a shift to auctions for onshore wind. Contrarily, Germany has made climate protection as one of the topmost national priority. The consistent commitment and efforts to emit fewer greenhouse gases make Germany worth to appear in the best countries to invest in renewable energy.
There is a revolution of renewable energy in Japan. It has the strongest market post-2011 earthquake disaster. Japan commits to replacing conventional energy sources and nuclear power completely and it continues to attract new players, innovate and expand. Hydro-power dominates the island nation’s renewable energy segment.
Due to the uncertainty over a shift to auctions for onshore wind and grid connection issues, Japanese outlays saw a fall of 28% to $13.4 billion in renewable energy investment in 2017. There was a steep fall of 32% in solar commitments reaching down to $11.3 billion. The nation also saw a drop of 23% to $6.6 billion in the renewable energy asset finance.
Notably, almost a dozen photovoltaic projects were funded in Japan in 2017 at $100 million or more. The largest project, Pacifico Energy Mimasaka Sakuto complex in Okayama generates 258MW.
Saudi Arabia, a nation founded on fossil fuels is also on board of renewable energy production. Along with SoftBank, the Saudi government has announced to create the world’s biggest solar power plant by 2030. The total investment to generate the 200 GW is around $200 billion.
Sweden and Greece rose into the top ten nations in the European region, contributing $3.7 billion and $0.8 billion of renewable energy investment respectively, 127 percent and 287 percent raise.
With 810 percent increase, Mexico recorded in the ten best countries to invest in renewable energy. The nation boosted $6 billion in the global renewable investment.
Australia is another possible nation to invest in renewable energy as it committed $8.5 billion in 2017, up 147%.