2022 is coming to an end, which means that we’re about to hear a new boom of renewable additions in 2023. After the energy crisis we have faced in the previous years, it is not only start-ups in developed countries that are betting on clean energy but governments in developing countries too. Countries outside of the global north and the BRICS seem to be stepping up their game when it comes to renewables. Here are some of their projects to watch for the upcoming year.
According to the EOR, Central America will have several projects that will expand electrical generation through renewable resources. Honduras will have 4 new hydroelectric projects and El Salvador 1. Panama will also have new generation projects, 3 hydroelectric and 9 PV ones.
According to the IEA, the Middle East and Africa will also expand their renewable capacity, primarily through solar PV. Capacity will also be expanded through eolic and hydroelectric projects in the sub-Saharan Africa region. The region’s capacity expansion will be greater than Brazil’s additions, as can be seen in the IEA’s graph below.
Even though ASEAN’s addition does not appear significant in the graph above, Malaysia will foster renewables growth in 2023. Its 2023 budget will have plenty of sustainable financing. According to their budget speech, there are several economic projects to boost renewables such as sustainability sukuks; a Venture Capital Fund; the Tanjung Manis Halal Hub Center Development Project; and an extension of the GITA & GITE incentives, among others.
Don’t forget to keep an eye on these countries and the implementation of these renewable additions. A great way to do that and expand your network and investment portfolios or projects could be by attending energy summits in these regions. For instance, don’t miss the EES, AREEE, and WFES. Renewable Energy Market Update 2022 IEA