Developing Countries Are Investing More In Renewable Energies Than Everyone Else

We’ve got it pretty easy in the developed world. We have clean water at the turn of a tap and all the electricity we can afford to gobble at the flick of a switch. While we like to bitch about how expensive our bills are, it still beats having to do everything to the light of a candle after the sun goes down.

1.2 billion people don’t even have the luxury of electricity. That’s almost 17% of the global population that can’t see a damn thing when they get up in the middle of the night to go to the bathroom.

In an attempt to close this painful gap, developing countries are now embracing renewable energy sources with an impressive enthusiasm.

Last year, countries like India, China and Mexico actually outspent developed nations for the first time, injecting a combined $156 billion into renewable energy projects. We in the developed world outlaid $130 billion, according to a report by Bloomberg New Energy Finance.

As renewable energies become cheaper and more efficient, it’s pleasing to see such a huge shift to greener sources of power, particularly when things aren’t looking so great in terms of global warming.

With India leading the way with some pretty gnarly goals – to have 40% of their energy coming from renewables by 2030 – it’s hoped that this move away from fossil fuels on a global scale will be enough to stem the damage already done.

And the results are looking encouraging, with the cost of solar power in India now within 15% of the cost of power derived from coal. With current trends continuing the way they are, a report by analysis firm KPMG reckons that solar power will be 10% cheaper than coal by 2020.

Now all we need to do is convince everyone else that renewables are worth it. Any takers? Oh that’s right, our government just thinks they’re ugly.