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(IANS)
Fossil fuel electricity generation has peaked worldwide as emerging markets seize the opportunities of low-cost renewables, a report published by India’s Council on Energy, Environment and Water (CEEW) and the financial think tank Carbon Tracker said.
Given renewables are already the cheapest source of new electricity in 90 per cent of the world, emerging markets (non-OECD countries plus Chile, Columbia, Mexico and Costa Rica) have no need to build up huge electricity infrastructure based on fossil fuels.
They are leapfrogging this stage and meeting growth in demand by deploying clean energy systems powered by wind and solar with huge potential to boost economic development and bring electricity to millions of more people.
Kingsmill Bond, Carbon Tracker energy strategist and report co-author, told IANS: “Emerging markets are about to generate all the growth in…
