SEATTLE, Washington — With nearly 17 percent of the global population being deprived of basic electricity needs, we face a major hurdle to ensure global access to this necessity, especially in the face of climate change and the need to reduce carbon emissions. Renewable energy has taken the world by storm. Wind and solar energy have fueled and diversified markets over the years, making renewable energy a boon for the developing world.
A recent report by The Guardian highlights how developing countries’ investment in renewable energy has overtaken that of developed economies. China alone spent $102.9 billion on wind power in the year 2015.
Nearly eight million people across the globe now work in renewable energy, with a large portion of these people in developing countries. The Global Environment Facility (GEF) has played a pivotal role in making renewable energy prominent in the market. A massive sum of USD$1.2 billion has been spent in 100 developing markets to kick-start more than 200 renewable energy projects.
‘Clean energy’ is essential to herald the dawn of a sustainable future. Providing access to power is vital to connect rural communities, power homes and provide the backbone of small-scale industries and infrastructure, which ensures their inclusion with the wider world.
New technologies have greatly increased the propensity of the developing world to invest in clean energy. The 36 million-strong population in Uganda is reaping the benefits of modern technology through the construction of a large solar plant with the capacity to generate 10 megawatts of power. This project will impact 40,000 homes and power existing businesses while facilitating new ones.
Indian Energy Exchange Limited, a highly-automated energy marketplace, is now looking for a more viable method to buy and sell clean energy in order to minimize the risk of delayed payments. India has fully embraced clean energy, and aims to install 100 gigawatts of solar energy coupled with 60 gigawatts of wind energy. Due to this, monthly trade is steadily on the increase. Furthermore, Tata renewable energy has raised more than $86 million through one of its new projects.
The Narendra Modi government has reached a consensus with the Ministry of New and Renewable Energy (MNRE) to amplify the power of wind turbines by replacing them with more updated units. This will enhance the efficiency of energy transmission to all parts of the country.
Renewable energy is essential for the developing world. A recent solar power project spearheaded by Sonnedix Global Holdings Ltd has just been completed in the Northern Cape region of South Africa. South African suppliers played a big role in the collaborative project, along with the South African unit of the Juwi group.
Russia’s new development plan involves the creation of 13 hydroelectric power stations along with 15 wind power plants. This will be instrumental in transmitting more than 100 megawatts of power around the country.
Renewable energy has also played a significant role in Brazil, with the Regional Bank for Development of the Far South providing $153 million to meet the needs of renewable energy projects.
The Rio Grande do Sul has introduced tax exemptions and has also made obtaining permits a lot easier. This has led to a 50 percent increase in investment in renewable energy projects.
Renewable energy has granted people new opportunities and improved power transmission significantly. Creating renewable energy is one of those rare occurrences where the needs of people, business and the environment are in harmony.
– Shivani Ekkanath