United Nations, March 26 (PTI): UN report says, in 2015, renewable energy investments by developing countries surpassed developed countries' pledges for the first time.
India was also among the top 10 investing countries in renewable energy, with its commitments rising 22% to $10.2 billion (nearly Rs 67,800 crore) in 2015, a United Nations-backed report has said.
The report 'Global Trends in Renewable Energy Investment 2016' by the UN Environment Programme said, "The investment (in India) took place against a backdrop of pro-renewable policies introduced by India's BJP government. These include a target to almost- triple wind capacity to 60 GW by 2022," the report said.
The report said India enjoyed a second successive year of increasing investment, breaching the $10 billion (nearly Rs 66,527 crore) for the first time since 2011. It added that the highlight of India's performance in 2015 was a jump in utility-scale solar financing to $4.6 billion (nearly Rs 30,602.65 crore), up 75% on the previous year, although still a little below the 2011 record of $4.9 billion (nearly Rs 32,598.47 crore).
Among the big projects getting the financial go-ahead were the NTPC Kadiri PV plant phase one, at 250 MW, and the Adani Ramanathapuram PV installation, at 200 MW.
India and China lead developing countries in renewable energy investments
The report said that the developing world including China, India and Brazil committed a total of $156 billion (nearly Rs 10.4 lakh crore) in new renewables capacity last year, up 19% on 2014. India and China led developing countries in investments made in renewable energy in 2015 when for the first time commitments in solar, wind, and other renewables capacity by emerging economies surpassed those by wealthy nations, a UN-backed report has said.
Investments by developed countries were down 8% in 2015 to $130 billion.
The year 2015 was the first time when investment in renewables in developing countries outweighed that in developed economies, the report said.
A large part of the record-breaking investment in developing countries took place in China, which lifted its pledges by 17% to $102.9 billion (nearly Rs 6.9 lakh crore), more than a third of global commitments.
The US, Japan, UK, Brazil, South Africa, Mexico and Chile all made it to the top 10 investing countries in 2015.
Within the developing-economy category, the "Big Three" of China, India and Brazil saw investment rise 16% to $120.2 billion (nearly Rs 6.8 lakh crore), while other developing economies enjoyed a 30% bounce to $36.1 billion (nearly Rs 2.4 lakh crore).
Among developed countries, investment in Europe was down 21%, from $62 billion (nearly Rs 4.12 lakh crore) in 2014 to $48.8 billion (nearly Rs 3.25 lakh crore) in 2015, the continent's lowest figure for nine years despite record investments in offshore wind projects.
The US was up 19$ to $44.1 billion (nearly Rs 2.93 lakh crore), and in Japan investment was much the same as the previous year at $36.2 billion (nearly 2.4 lakh crore).
