6 Countries Leading the Way in the Global Renewable Energy Boom


6 Countries Leading the Way in the Global Renewable Energy Boom

As President Trump transitioned into office, clean energy continued to overtake fossil fuels as the main source of new energy investments around the world. While the final 2016 numbers aren’t yet published, preliminary estimates put the total wind and solar installations at new records. About 70 gigawatts of new solar generation and 59 gigawatts of new wind power came online in 2016. And this amounts to real dollars moving into the clean energy economy, with $287 billion in new clean energy investments in 2016, according to Bloom New Energy Finance.

You can see the fruits of these investments in key countries around the world, including India, China, Chile and Mexico.

India heads steadily toward its massive renewable electricity targets.

At the end of 2016, India had installed 11 gigawatts of solar and 29 gigawatts of wind capacity, moving significantly closer to its goals of 100 gigawatts of solar and 75 gigawatts of wind by 2022. In just a few short years, India has installed nearly as much solar capacity as the three top U.S. states—California, New Jersey and Massachusetts—combined, making India the fourth-largest solar power country in the world.

Solar power in India is becoming increasingly cost-effective and rapidly scalable. In 2016, the country commissioned the largest solar plant in the world at 648 megawatts and it was built in a mere eight months—that’s much quicker than the three to four years it takes to build a similar-size coal power plant. This month, an even bigger solar plant of 750 megawatts attracted record low bids of about $0.04/kWh, validating the government’s decision to cancel four coal power plants and effectively choose solar as the preferred energy source for meeting India’s rising energy demands.

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Declining solar prices are good news for extending clean energy to more than 300 million people in India who currently lack access to the electric grid.

 

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