From Montserrat Reporter

WASHINGTON, Nov 24, CMC – A new study has shown that Latin America and the Caribbean boasts higher clean energy penetration than any other region assessed.

“As of year-end 2014, 11 per cent of the 352 GW (gigawatts) installed there is from biomass, wind, small hydro, solar, and geothermal projects. When large hydro plants are included, over half (56 per cent) of the region’s power comes from non-CO2-emitting sources,” the study found.

The study funded by the Inter-American Development Bank’s Multilateral Investment Fund and Bloomberg New Energy Finance, found that in several countries in Latin America and the Caribbean, wind and solar projects have reached “grid parity,” meaning they are the best, lowest-cost option for new power generation.

The Climatescope study showed 2014 clean energy activity mainly occurred in developing countries, led by China, Brazil and Chile.

Climatescope provides potential investors with important information on countries with the greatest clean energy investment opportunities.

Developing nations attracted more clean energy power generation investment in 2014 than ever, according to Climatescope 2015, a country-by-country assessment, interactive report, and index of clean energy activity in 55 emerging markets in Latin America and the Caribbean, Africa, and Asia.

Climatescope, found that new investment in clean energy capacity in the surveyed countries soared in 2014, hitting a record annual high of US$126 billion—up 39 per cent from 2013 levels.

For the first time ever, over half of the world’s new annual investment into clean energy power generation went toward projects in emerging markets.

Explanations for the high renewables penetration in Larin America and Caribbean countries include exceptional natural resources and supportive policy frameworks that incentivize clean energy investment.

The Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) Group, the UK Government Department for International Development (DFID), and the US Agency for International Development (USAID), under President Barack Obama’s “Power Africa” initiative, commissioned Bloomberg New Energy Finance (BNEF) to assess prospects for solar, wind, small hydro, geothermal, biomass, and other zero-carbon emitting technologies (excluding large hydro).

For more on this story go to: http://www.themontserratreporter.com/key-emerging-markets-attract-record-126-billion-in-clean-energy-investment/