On the Blogs: Emerging Economies Lead Renewable Investment Surge

first_imgOn the Blogs: Emerging Economies Lead Renewable Investment Surge FacebookTwitterLinkedInEmailPrint分享Tim Smedley for Raconteur.net:The biggest renewable investors included Chile ($3.5 billion, up 157 per cent) South Africa ($4.5 billion, up 329 per cent) and Morocco ($2 billion, up from almost zero in 2014). India saw investments rise 22 per cent to $10.2 billion while China, now the world’s biggest investor in renewable technology, spent $102.9 billion on renewables (36 percent of the world total).If you consider investments relative to annual GDP, the top five investors globally were actually Mauritania, Honduras, Uruguay, Morocco and Jamaica. Meanwhile, Costa Rica is remarkably close to becoming the first developing country to have 100 per cent renewable electricity.“Wind and solar power are now being adopted in many developing countries as a natural and substantial part of the generation mix,” says Michael Liebreich, chairman of the advisory board at BNEF. “They can be produced more cheaply than often high wholesale power prices; they reduce a country’s exposure to expected future fossil fuel prices and, above all, they can be built very quickly.”While Europe is looking to more expensive offshore wind options to appease not-in-my-back-yard voters, many developing countries are happy with cheaper on-shore and solar options. This in turn means the companies selling those technologies are increasingly looking towards emerging markets. Total renewable investment in Europe actually slipped 21 per cent to $48.8 billion in 2015 and today’s growth market is in the global south.Kirsty Hamilton, an expert in renewable energy investment at Chatham House, outlines the mix of factors at play, including cost-reductions, strong government policies and investors actively looking for opportunities. The big European projects, such as Germany’s Energiewende, may have driven the growth in renewable energy technology, says Ms Hamilton, but recent political flip-flopping has seen investors “head to the least risky countries”.India’s prime minister Narendra Modi launched a global solar alliance at the Paris climate conference in December, with his own country aiming to increase solar installations from just below 5GW to 100GW by 2022. To put that into perspective, the UK’s entire nuclear capacity is currently 10GW. This would be more than double the present solar capacity of current global leader China.The project might sound far-fetched, but it is already underway. SB Energy, a joint Japanese-Taiwanese venture, recently won a bid for a 350MW project in India’s Andhra Pradesh province. The Institute for Energy Economics and Financial Analysis describes India as “executing one of the most radical energy sector transformations ever undertaken.”Full item: Developing countries lead in clean energylast_img read more

WACA left fuming after missing out on hosting India Test

first_imgPerth: Western Australian Cricket Association (WACA) chairman Tuck Waldron expressed his displeasure after the stadium in Perth was overlooked for hosting a Test against India later this year. The four Tests of the much-anticipated Border-Gavaskar Trophy will be played at Gabba, Adelaide Oval, MCG and SCG respectively starting December 3. “I’m really disappointed in this decision, I think it is the wrong decision. I just can’t understand why they’d make that decision,” Waldron told reporters in Perth as per cricket.com.au. “It’s a kick in the guts to WA, to all our cricket-loving people and to our WACA members. When you’ve got one of the best stadiums in the world and the second-best cricket venue in the world, the time-slots back to India for TV, etcetera; to me it’s a no-brainer,” he added. Perth will instead host the historic Test between Australia and Afghanistan starting November 21. Afghanistan have never played a Test Down Under and it will be a momentous occasion for the minnows who acquired Test status only in 2018. “We have a duty to the cricket fans here, to Afghanistan as a visitor to our state, to ensure we provide the best possible facilities and enjoyment for them as we possibly can,” WACA chief executive Christina Matthews said. “Let’s not forget, it is a history-making Test – they’ve never played Test cricket in Australia so once again, Western Australia will be part of history. We will continue to demonstrate how well we do those things, but when we see India fly across the top of us to the other side of the country, we might shed a little tear,” she added. IANS Also watch: Flash floods hit Assam! Here are some scenes of the devastationlast_img read more