The number of developing economies engaged in renewable energy production has considerably increased with better support policies and technological advances.

New Delhi: According to the newly released Renewables-2014 Global Status Report, the number of emerging economy nations with policies in place to support the expansion of renewable energy has surged more than six-fold in just eight years, from 15 developing countries in 2005 to 95 early this year.

According to the report released by REN21, these 95 developing nations today make up the vast majority of the 144 countries with renewable energy support policies and targets in place.

Launched at the UN-hosted ‘Sustainable Energy for All’ in New York, the report credits support policies with a central role in driving global renewable energy capacity to a new record level last year — more than 1,560 gigawatts (GW), up more than 8 % from 2012. Consequently, more than 22 % of the world’s power production now comes from renewable sources.

According to the report, the expansion of markets, manufacturing and investment across the developing world clearly illustrates that renewable energy is no longer dependent upon a small handful of countries.

The increase in the number of developing countries having the capacity to produce renewable energy has been made possible because of robust policies coupled with continuing technological advances, falling prices, and innovations in financing, which have made renewables increasingly affordable for a broader range of consumers worldwide.

Commenting on the report, Arthouros Zervos, Chair of REN21, said, “Over the last 10 years, continuing technology advances and rapid deployment of many renewable energy technologies have demonstrated that the question is no longer whether renewables have a role to play in the provision of energy services, but rather how we can best increase the current pace to achieve a 100% renewables future with full energy access for all.”

Findings of the report indicate that China, United States, Brazil, Canada, and Germany continue to remain the top countries for total installed renewable power capacity.