Renewable energy (RE) investments in five developing countries, including the Philippines, amounted to $131 billion in 2014, according to the Renewable Energy Policy Network for the 21st Century (REN21).
In a graph, REN21 showed five developing countries, namely Jordan, Myanmar, Panama, Philippines and Uruguay had a total investment of $131 billion for 2014, a 36 percent jump from 2013’s $97 billion.
The study noted each country had an investment of $500 million to $1 billion.
”Other developing countries—including Jordan, Myanmar, Panama, the Philippines, and Uruguay— were in the $500 million to $1 billion range,” the report said.
It also pointed out developing countries came close to surpassing the investment for developed countries, which only saw a 3 percent gain from 2013.
The developed countries only had a $4-billion increase from $135 billion in 2013 to 139 million in 2014.
Other countries, also saw growth in RE investments last year, namely Chile, Indonesia, Kenya, Mexico, South Africa and Turkey, with each investing more than $1 billion.
Overall, the world invested $270 billion for RE last year from $232 billion in 2013, up by 17 percent.
The investment boost the global capacity by 135 Gigawatts (GW) or 8.5 percent from 1,712 GW in 2013.
It excludes hydropower projects more than 50 megawatts.