Key findings include the following:
- Renewables: For the first time, renewables accounted for the majority of all new power-generating capacity added in developing countries
- Financings: In 2017, new clean energy financings in emerging markets totaled $143 billion (Figure 1). Foreign direct investment supporting clean energy rose to an all-time high of $21.4 billion.
- Costs: Clean energy costs continue to fall, making clean energy technologies competitive with fossil generation in many markets. Over 35 emerging markets have held reverse auctions for clean power-delivery contracts to date, including Mexico ($21/MWh for PV) and India ($41/MWh; wind). BNEF's estimated levelized cost of electricity for wind and solar is below $50 for many developing nations.
- Coal Trends: In 2017, new coal-fired capacity additions fell to their lowest level in over a decade, but actual generation from existing coal-fired plants rose 4%.
- Challenges: Challenges include how to address the continued reliance on coal - particularly in China and India - and how to effectively integrate large amounts of low cost intermittent clean electricity into existing market structures.
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