With the increase in the depleting non-renewable sources of energy, all the developing countries are trying to increase their investments in the renewable sources at the earliest rate as possible. India and China led developing countries have made the investments in the renewable energy in 2015. They have committed for the developments in the solar, wind and other renewable energy by the emerging economies.
The report being released by the UN named “Global Trends in Renewable Energy Investment 2016” by UN Environment Programme said that the developing nations like China, India and Brazil have contributed a total of USD 156 billion in the renewable capacities last year which is up by 19 percent as of 2014. The investment by means of the developed nations were being down by 8 percent down to USD 130 billion.
Renewable Sources of Energy: Boon for out Earth
In 2015 for the first time the investment in the renewable by the developing countries has outweighed the developing economies. The larger part of the investment took place in China which lifted its investment by 17 percent to USD 102.9 billion which is being more than a third of the global commitments. India was also being among the top 10 investing countries with the commitments raising 22 percent to USD 10.2 billion.
The countries like US, Japan, UK, Brazil, South Africa, Mexico and Chile all made up the highest investment in 2015. The investment was being done in India against a backdrop of the pro-renewable policies made by the BJP government. This included the target to almost triple the wind capacity to 60 GW by 2022. Among the developing economy countries China, India and Brazil showed an investment rise of 16 percent to USD 120.2 billion.
The report showed that India showed a second successive year of increasing investment, breaching the USD 10 billion for the first time since 2011. It also added that highlight of the India’s performance in 2015 was a kind of jump in the utility-scale solar financings to USD 4.6 billion which is up 75 percent than the previous year. Although it is still below the 2011 record of USD 4.9 billion. Among the big projects which are getting go-ahead includes the NTPC Kadiri PV plant phase one, at 250 MW and the Adani Ramanathapuram PV installation which is at 200 MW.