Reporting on the IHS Markit’s Renewable Additions Index, the site energyvoice.com said the renewable power development pipeline has soared across the region.
According to the index, Australia leads the index with 89 percent of capacity under construction being either wind, solar or biomass power, followed by Japan. The third place in the region is taken by Vietnam, which leads emerging markets, as the country promoted feed-in tariffs to attract investment in solar and wind power.
The index showed that around a third of the power projects being built — or about 80 gigawatts (GW) — are set to generate wind, solar, hydro and other types of renewable power across 16 key regional markets.
“Our ranking shows that income level is not the sole determinant in a country’s willingness to pursue clean energy. Renewable energy is no longer a rich nation luxury as its cost continues to decline,” said Xizhou Zhou, vice president global power and renewables at IHS Markit as quoted by the site.