Growth in renewable energy sector amid reduced reliance on government subsidies and investment from developing economies

by Milos Bezanov

With government financial support, there has been greater reduction of emissions, an increase in the number of new innovative technologies and, consequently, the amount of renewable energy used in powering UK homes and businesses.
Subsidies still provide financial support to the markets, “[but] as costs continue to fall it becomes easier for parts of the renewables industry to survive without subsidies. We’re taking action to protect consumers, whilst protecting existing investment” explains Energy and Climate Change Secretary Amber Rudd
Currently, the U.S, Japan, UK, Brazil, South Africa, Mexico and Chile are among the top 10 investors in renewable energy, according to recent news report.
With 107 GW of renewable energy through solar, wind and geothermal, growth in the sector outpaced growth in fossil fuels for 2015, with countries like India ever more likely to reach its 60GW wind and 100GW solar targets by 2022.
OECD v.s. Market Growth
Chinese, Indian and Brazilian markets were among the most successful moving forward, with USD  156 billion in the previous year, outpacing the OECD’s mark of USD 130 billion.
Alongside an increase in Chinese investment moving forward, India was also highlighted as a major market for renewable energy, particularly solar, ” Our eyes are trained on India. We have already made considerable investments in the technology sector here…our goal is to create a market leading clean energy company, to fuel India’s growth with clean and renewable sources of energy.” says Masayoshi Son, Chairman and CEO of Softbank.
Solar is projected to grow by 250% in India in 2015 and among a number of BJP government renewable energy policies, Indian growth in this sector has continued into its second year with other developing economies closely following suit.