Renewables cheapest source of electricity in 90% of emerging markets: report | Asian Power
,APAC
390 views

Renewables cheapest source of electricity in 90% of emerging markets: report

88% of electricity demand between 2019 and 2040 will come from emerging markets.

Renewables are the cheapest source of electricity in 90% of the world’s emerging markets as fossil fuel electricity generation peaked worldwide, a report by India’s Council on Energy, Environment and Water, and Carbon Tracker found out.

“Given renewables are already the cheapest source of new electricity in 90% of the world, emerging markets (non-OECD countries plus Chile, Colombia, Mexico, and Costa Rica) have no need to build up huge electricity infrastructure based on fossil fuels,” the report said.

It added that emerging markets have leapfrogged this stage and met the growing demand by deploying clean energy systems powered by wind and solar, with huge potential to boost economic development and bring electricity to millions of more people.

The study also said that emerging markets are key to the global energy transition, with 88% of the growth in electricity demand between 2019 and 2040 is expected to come from them.

“Emerging markets are about to generate all the growth in their electricity supply from renewables. The move will cut the costs of their fossil fuel imports, create jobs in domestic clean power industries, and save millions of lives lost to fossil fuel pollutants,” Carbon Tracker’s energy strategist Kingsmill Bond said.

Get Asian Power in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The plant’s 40-year license expires in 2025.
The company plans to go carbon neutral by 2050.
The plant will produce around 550 tons of hydrogen a year.
It plans to invest A$1b in renewables and low carbon energy.
Deadline for entries to the inaugural awards programme is on 24 September.
The shares were bought for $453m.
The power minister said energy transition is taking place at a rapid pace.
Newly appointed Daniel Westerman wants the grid to handle 100% renewable energy by 2025.
This is the company’s first venture into Korea's offshore wind market.
The PV farm has a 60 MWp capacity.
The project has an estimated cost of $100b.
The plant has a capacity of 4.75 GW and would be built in Gujarat, India.
The company plans to transition to low-carbon.
The government made the decision a year after the plant’s completion.