Green Energy Use Makes Fantastic Progress In Poor Countries
According to the FT, the use of green energy has risen sharply in relatively poor nations, and this trend is expected to continue. The newspaper refers to this as the “industrial sunbelt” and includes Mexico and India, two of the world’s fastest-growing large economies. India has 1.3 billion residents
The data were taken from the Mission Possible Partnership and covered in its “Clean Energy: Transformation Trends” report. Its primary conclusion was, . “The clean industrial pipeline now spans nearly 70 countries. China, Europe and US still lead the way in terms of investment – with 60% of the $250 billion invested in clean industrial plants to date. But a third of announced projects are now located in emerging markets and developing economies. Just as coal once shaped industrial geography, tomorrowʼs energy-intensive industries will be attracted to where renewable energy is abundant. This creates new industrialisation opportunities for countries in what we call the ‘new industrial sunbelt’ — regions rich in solar resources, stretching from the Middle East and Africa to Latin America and Asia.”
Global Targets Still Hard To Reach
One important aspect of the analysis is that, even with this rapid growth, the goal of being below the 1.5 C target global temperature still will not be met. Mission Possible Partnership management continues to believe that this will have a positive impact. One reason for the optimism is “Over 800 clean industrial plants are being planned, built or are operating globally.”
The announced green industrial “total and announced” projects were led by China, with 142 projects, followed by the US, with 108 projects. Improbably, Australia was third at 48 and India fourth at 41. Australia’s population is only 27 million.
The study’s consumption was about money. The number of green projects going forward will require large funding. That is usually more readily available in China and the US than in poorer nations.
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