Energy

Developing Countries Closing Renewables Gap

Renewable energy technology is slowly changing the world. The shift from fossil fuel seems to be the next big frontier in moving towards the future. However, looking at the last few years of renewable energy development, it is evident that developed countries have the lions share in this venture. This scenario, however, is not the current case. Developing countries are rapidly entering the scene that was previously dominated by well-developed countries. While this is a positive move toward the global renewables project, the shift is not evenly distributed. Developing countries are integrating these new technologies faster than in developing countries. 

If someone raised the concern claiming that the future will envision renewable sources of energy over flying cars, it would sound unbelievable. Ten years ago, the dream for the future was flying cars. At this present moment, it is easy to see that the move toward such a future has started, albeit unconventionally. Nobody would have thought that the renewable industry will be a worldwide venture spanning across continents.  

Developing counties like Turkey, India, Mexico, and Costa Rica are among the world’s largest producers of renewable energy. The outcome most notably comes after the KfW opened a program to assist developing counties to move towards renewable sources. The bank is the powerhouse behind Africa’s leading renewables project. KfW bankrolled the continent’s largest renewable energy project based in Morocco. Morocco’s Ouarzazate power plant is the most massive solar generating scheme in Africa situated in Morocco. The plant will produce sufficient energy to sustain 1.3 million people. 

Additionally, KfW is the powerhouse behind a major scheme set in the Egyptian landscape that will provide wind-generated power to Egypt’s electrical grid. The project will be a handy addition to the continent, including potential energy projects in Kenya and Indonesia. 

The bank is not only focused on supporting building plants, but it also funds the development of storage facilities. Recently the bank assisted Tunisia to build the continent’s first battery storage facility fully integrated with the country’s power grid. The facility links to Tunisia’s power pants based in Sakri. India will also see a profitable partnership with KfW after its photovoltaics received a significant boost in funding. These funds are the latest in the installments towards a green India.

The race toward a fossil fuel free future is underway. While developed countries initially dominated the race, the developing nations are catching up fast.