November 28 (Renewables Now) - Solar power capacity additions in less developed countries jumped to 34 GW in 2016 from 22 GW in 2015, according to the Climatescope report by Bloomberg New Energy Finance (BNEF), which also shows the cumulative capacity has more than tripled in three years.
The rise of solar is driven by low-priced equipment and new applications such as micro-grids, pay-as-you-go systems and water pumps, among other factors.
The figures from the Climatescope report are for 71 emerging market countries, which account for 32.5% of global GDP and 72.4% of global population. China is the leader in terms of solar installations with 27 GW added in 2016. India comes second with 4.2 GW. BNEF said that Brazil, Chile, Jordan, Mexico, and Pakistan, and nine other nations boosted their photovoltaic (PV) capacity by 100% or more in 2016.
Solar’s share in new power capacity in Climatescope countries for the year was 19%, growing from 10.6% in 2015. The solar capacity deployed in 2016 would produce enough to cover the total annual power demand of 45 million homes in India, or of every home in Peru or Nigeria, BNEF noted.
As previously announced, new clean energy investment in developing nations in 2016 dropped by 26.5% to USD 111.4 billion (EUR 93.5bn). China was responsible for three quarters of the fall, but clean energy investment in all other countries not part of the Organisation for Economic Co-operation and Development (OECD) was also down 25% compared to 2015.