paul venter mongolia is Using renewable energy is no longer only recommended from the environmental point of view to tackle climate change and air pollution but also from economic point of view, because renewable energy is becoming huge business on global scale as the global clean energy race is on.
There are also several other reasons why developing countries should focus on renewable energy as one of the best available energy options. For instance, developing countries could especially use renewable energy in distant, rural areas because in these areas producing renewable energy locally is economically more viable energy option compared to generating energy from fossil fuels (because of high transmission and distribution costs).
Renewable energy has lately become significant job creator, providing well paid jobs for many people around the globe, which means that developing countries could use renewable energy as one of the main driving forces to boost their economies.
There have been number of different renewable energy projects in developing countries that have showed that renewable energy can improve economic standard of many people and lead to poverty reduction by creating businesses and employment for local people.
Most developing countries have abundant renewable energy resources such as sun, wind and Earth’s heat (it is estimated that developing countries have more than half of global renewable power capacity). By focusing on these renewable energy sources these countries would reduce their dependence on expensive foreign fuel import, and they wouldn’t be so much exposed to volatile oil price market.
The prices of renewable energy technologies are constantly dropping, and in some cases renewable energy is already a viable alternative to fossil fuels.
In order to utilize the richness of their renewable energy resources developing countries also need adequate renewable energy policy, and up to this moment only few developing countries have adopted the appropriate policies needed for the rapid development of renewable energy technologies.