Emerging markets outlook 2018: energy transition in the world’s fastest growing economies
The 2018 Climatescope Report, titled Emerging Markets Outlook 2018: Energy transition in the world’s fastest growing economies, reports that the world’s developing countries are driving the global clean power transition, fuelled by sinking technology costs and surging electricity demand. Earlier, the 2017 Climatescope Report had documented a noticeable shift in the locus of clean energy activity from the Global North to the Global South. According to the 2018 report, India has ranked 2nd, as opposed to last year’s 5th position due to its increased investments, clean energy installations and world’s largest and most competitive renewables auction market. In 2017, the Indian market contracted over 10.5 GW from solar and wind. Also, the solar market in the country doubled in size with a record 8GW of annual PV installations. Chile has emerged at the top in this ranking in light of its strong government policies, demonstrated track record of clean energy investment and commitment towards decarbonisation, despite prevalent grid constraints.
