Abstract
Emerging markets are rapidly developing and outperforming developed markets in terms of onshore wind and solar power. Moreover, emerging markets are now getting drivers for the enhancement of global renewable energy as they are seen as territories with the greatest potential for expansion of wind and solar capacities. This study aims to investigate the casual links between financial investments by gas and oil giants and long-term vision around clean energy. We analysed various reports on procurement tools used by corporations, purchasing renewable energy. This gave us an idea about the availability and frequent usage of different instruments employed around world. The empirical results show that state support and policy development both have positive impact on state and private investments in the long run. The influence of energy development is more evident in emerging clean energy markets. The findings of the this study suggest that as renewable energy targets price and performance parity with traditional sources around the world, and is getting able to improve grid efficiency thus strengthening its competitive edge with new technologies, the hurdles to its adoption are disappearing.
Highlights
The solar and wind industries and markets initially emerged in developed countries, which we define as the 33 high-income OECD member countries, though over the time, these industries have shifted to emerging markets, i.e. all less developed countries
Emerging markets outpaced developed markets in onshore wind power growth in 2013, and later in 2016 in photovoltaic growth. These areas accounted for 63% of all new global investments in renewable energy sources in 2017, which widened the gap with developed countries to record levels
Eight of the world's top ten solar energy suppliers are based in China, and the three largest Chinese wind energy companies collectively have the largest share of the wind energy market [5,6]
Summary
The solar and wind industries and markets initially emerged in developed countries, which we define as the 33 high-income OECD member countries, though over the time, these industries have shifted to emerging markets, i.e. all less developed countries. Emerging markets outpaced developed markets in onshore wind power growth in 2013, and later in 2016 in photovoltaic growth. These areas accounted for 63% of all new global investments in renewable energy sources in 2017, which widened the gap with developed countries to record levels. China set a record for net cross-border investment since 2015, and up to the first half of 2017, the country has invested $ 2.23 billion in wind and solar energy in 11 other developing countries attracting domestic investment in these industries from 13 countries for a total of US $ 1.34 billion [8]
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