In terms of the environment, 2015 was a year of wake up calls for the planet.
The Paris climate agreement was formulated. Several countries across the world took measures to reduce air pollution by curbing carbon emissions. Countries also increased their spending on renewable energy in 2015, both in terms of investment and building, according to a report by Quartz.
The developing world is outspending richer countries on renewable energy investment https://t.co/8zyc8md9Te
— Quartz (@qz) June 1, 2016
The renewable energy industry had its best year in 2015, and developing countries were the source of this growth.
Renewable energy investments hit $286 billion USD, a 5 percent increase from 2014, according to Renewables 2016 Global Status Report.
According to this study, developing countries increased their investment by 19 percent from the previous year, investing $15 billion in renewable energy in 2015. This amount is more than the combined amount that all the richer, ‘developed’ nations invested.
This is the first time that developing nations have outspent richer nations in renewables.
China has now become the world leader in terms of installed renewables, investing the most into the sector than any other country, particularly in building wind, solar, and hydropower energy.
On the other hand, already-saturated markets in Europe saw a decline in renewable energy investment. Overall, developed countries reduced their renewables funding by 8 percent.
Other countries leading when it comes to investment in renewable power include the USA, Germany, India, Japan, Italy, and Spain.
Renewable energy keeps on making waves -- record new renewable capacity installed in 2015 https://t.co/4hYG1eFRnkpic.twitter.com/NmLswSouGm
— 350 dot org (@350) June 1, 2016
In terms of investment in proportion to GDP, Mauritania topped the list, followed by Honduras, Uruguay, Morocco, and Jamaica.
Bangladesh is the world’s largest market for solar home systems. Countries like Kenya, Uganda, India, Nepal, and China, which have huge chunks of their population living in areas far from the grid, are seeing an expansion in the number of small-scale renewable energy systems based on mini-grids.
Santiago has set 2018 as the year by which it aims to use solar and wind power for public transit.
Developing countries like India and China have greater need for renewable energy, as well as more scope to install new systems due to a lack of existing infrastructure.
1.2 billion people still live without electricity, mostly in the developing countries. As these countries connect more and more people to power, using energy from fossil fuels will only accelerate climate change further. Carbon-free renewables are thus the only way forward.
Air pollution levels touched scary heights in New Delhi and Beijing last year. Governments of both countries have taken measures to curb carbon emissions, including reducing the use of diesel powered vehicles and cutting down on burning coal for heat and cooking purposes. The Indian government has set the goal of sourcing 40% of the country’s energy from renewables by 2030.
There still might be time for us to save our home. With El Nino coming to an end, renewable investments increasing, and countries making policy changes to reduce pollution, we’re headed in a positive direction.