Renewable energy investments are shifting to developing nations as countries from Morocco to Chile pursue power sources that wean them off fossil fuel imports, two studies promoted by the United Nations said.
China’s $US67 billion ($71 billion) of investment in wind, solar and other renewable projects led developing nations to $US112 billion of spending in 2012, according to an e-mailed statement today from the UN and other groups involved in the studies. That compares with $US132 billion of expenditure in the industrialised world.
The gap on renewables spending between richer and developing countries shrank to 18 per cent last year from 250 per cent in 2007, marking a “dramatic change” in investment patterns, the statement said. Two-thirds of the 138 nations that now have clean-energy targets are in the developing world.