India, China investing more in renewable technologies: John Kerry

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Emerging economies like India, China and Brazil invested more in renewable technologies last year than the developed world, US Secretary of State John Kerry has said. Kerry said for the first time in history, despite the low price of coal, oil, and gas more of the world’s money was spent fostering renewable energy technologies than was spent on new fossil fuel plants. Over the past decade, the global renewable energy market has expanded more than six fold. Last year, investment in renewable energy was at an all-time high – nearly $330 billion,” Kerry said in his remarks at the Bloomberg New Energy Finance Summit here yesterday. That’s a revolution. And make no mistake: This is not only happening in industrialised countries. In fact, emerging economies like China, India and Brazil invested even more in renewable technologies last year than the developed world,” he said, adding that China alone invested more than $100 billion. Kerry also underscored the economic opportunities presented for American companies by India’s plans to get almost half of its power capacity from non-fossil-based sources by 2030. India plans to get 40 per cent of its power capacity from non-fossil-based sources by 2030, he said, adding that this will require bringing 200 gigawatts of additional renewable power online.

 

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