China, India leading investors in Renewable energy: UN report

The need of the hour, Renewable energy is the focus of all nations of the world owing to the rising emissions. A recent report released by UN reveals that India & China have overtaken the developed economies in terms of investment in Renewable energy.

• The report ‘Global Trends in Renewable Energy Investment’ for 2015 has been released by the UN
• It showed an increase in investment by the developing countries compared to the developed nations
• The contribution by India, China & Brazil in 2015 in renewable energy sector amounts to $156 billion
• This is 19% more than that of 2014
• On the contrary, the investments of developed nations declined by 8% to $130 billion
• China holds one third of the global investment with $102.9 billion and India raised its stake by 22% to $ 10.2 billion

Scenario of Developed economies

• Investment in Europe was down 21%, from $62 billion in 2014 to $48.8 billion in 2015
• However ,investment in US was up 19% to $44.1 billion, and in Japan investment was much the same as the previous year at $36.2 billion

Scenario of Developing Economies

• China, India and Brazil saw investment rise 16 %to $ 120.2 billion, while other developing economies enjoyed a 30 %bounce to $ 36.1 billion

Top 10 investments

• The US, Japan, UK Brazil, South Africa, Mexico and Chile all made it to the top 10 investing countries in 2015

Focus on India

• India enjoyed a second successive year of increasing investment, breaching the $10 billion for the first time since 2011
• There was a jump in utility-scale solar financings to $6 billion, up 75% on the previous year
• The targets for wind energy is set at 60GW by 2022
• The major solar projects include NTPC Kadiri PV plant phase one, at 250 MW, and the Adani Ramanathapuram PV installation, at 200 MW