Developing countries leapfrog the US on renewables

US adoption of solar energy is lagging behind that of developing countries. The Indian Government aims to achieve 40% of the country's energy from renewables by 2030.  While 20 US states have set similar targets, there is no national goal. CNN Money has reported that solar costs in India are now within 15% of coal costs. By 2020, it should be 10% cheaper than coal according to KPMG. A report from the World Watch Institute highlighted India, China and Brazil as “leaders in developing decentralised renewable sources”. Costa Rica already gets 98% of its power from renewables, while in northern Afghanistan tens of thousands of people have access to power through solar and hydro energy. Albania is also believed to be working towards 38% renewable power by 2020.

Get the latest KPMG thought leadership directly to your individual personalised dashboard