As the traditional energy sources continue to deplete, countries across the globe have started looking at alternative energy sources that can replace or support the traditional energy sources. So far, this idea interested the industrialised countries only. But, recent studies report that developing countries, like South Africa are also looking at the possibilities of alternative energy sources, solar energy for example, for various needs.
Norfund and UN Findings
The Norfund (the Norwegian Investment Fund for Developing Countries) has clearly announced the fact that developing nations are keener to promote the use of alternative energy.
The UN has also reported that increase in the number of countries opting for more investment in renewable energy sources usage is a significant, mainly the developing countries. The report says that the increase has been six times in the last eight years in these countries – this is a phenomenal increase, as per the UN.
Norfund Partnerships and Success Stories
More future partnerships by Norfund are expected that would help them promote the clean energy idea more and expand the usage into areas that is under the Norwegian Government. Partnerships also mean greater investment in this area. Currently, South Africa and Rwanda see a combination of 190 MW of solar energy in use, because of the current partnerships. Foreign and local partnerships will a give a great boost to the idea of utilising solar energy.
Norfund and the investors see the current expansion in partnerships as a success that would continue for many years to come. These partnerships are believed to be for the continued support on promoting the renewable energy sources in the African region and are based upon the successes of the past in the same.
There are many other funds like Norfund that help developing countries interested in using sustainable energy sources. Of course, the power and mileage of Government bodies supporting a cause, especially a relatively new idea like promoting sustainable energy sources, has been clearly shown through Norfund.
The Norwegian Government’s partnership firms hope to see more investments in the area of renewables.
Renewables 2014 Global Status Report states that usage of the alternative energy sources have given rise to expansions in manufacturing, investment and markets. These expansions mean that more and more developing countries are supporting the usage of renewable energy sources.
Support from World Bank
Also, the World Bank has been providing financial support to those developing nations interested in using and improving alternative energy sources. This support has been equally for wind, solar and geothermal generators. US$9.45bn has been provided for improvements in renewable energy source usage.
With companies and Government supporting in clean energy usage, it is more likely that more developing countries will follow the suite sooner than later. More investment has provided credibility to the idea of using renewables and has widely promoted the idea across the globe. With industrialised and developing countries starting to use sustainable energy resources on a bigger scale, the world seems getting ready to manage the fear of energy crisis.