Developing countries are the new hotspots for investors in renewable energy according to two studies promoted by the United Nations. Nations such as Chile and Morocco have been actively pursuing power sources that may stop or minimize imports on fossil fuel.
Other renewable energy investments including wind, solar energy, and other projects led by the Chinese started the trend of developing nations to spend $112 billion in the past year, said the United Nations are agencies involved in the research.
The result is comparable with the expenditure of the developed nations which amounted to $132 billion.
Ultimately, the difference in spending between developed and developing countries was 18 percent, a figure which is extremely low compared to previous years. In 2007, the gap was 250 percent.
The study claimed that the result is an indication of a change in investment patterns, as 66 percent of all countries with some form of sustainable energy are members of the developing world.
"More and more countries are set to take the renewable energy stage," said UN Environment Program Executive Director Achim Steiner. "The uptake of renewable energies continues worldwide as countries, companies and communities seize the linkages between low-carbon green economies and a future of energy access and security," he added.
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