What is the percentage of BEP's business in offshore wind technology? 
e space in, call it, the short to medium term. And then, perhaps longer out, green hydrogen. And we continue to stay close to that space. Right now, through our power contracting initiative as opposed to actually investing in green hydrogen production, but we'll continue to monitor that space such that when it does become commercially viable on a wide-scale basis, we can be a meaningful player in that sector.
Anthony Crowdell -- Mizuho Securities -- Analyst
Great. And then, just lastly. And I apologize if I mischaracterize this. When you were talking about India, you spoke about the company is putting capital there, putting it to work, but you're not throwing like a deluge of capital.
You're being very, I guess, constrained with it, given it's a developing country. Do you view all the developing countries in one? Or you're willing to spread -- you're willing to have more leverage to developing countries as long as you're spread out? I don't know if I'm clear in the way I'm asking that question.
Connor Teskey -- Chief Executive Officer
No, no, it's helpful. And it perhaps gives me an opportunity to clarify my earlier remarks. Today, our business and traditionally, our business has been, call it, 75%, 75% plus developed countries, and we very much expect that proportion to remain approximately consistent. So on a relative basis, the vast majority of our existing asset base and the vast majority of our growth capital, we expect to go into developed countries.
Now that being said, given the size of our business, that does allow for very meaningful amounts of capital to be deployed into countries like India, and we will pursue those opportunities when we think we are getting attractive returns and strong downside protection. We would very willingly deploy meaningful dollars in India. But I think the comment we were trying to make before is we still see the vast majority of our business and the vast majority of our growth continuing to be in developed countries and developed regions.
Wyatt Hartley -- Chief Financial Officer
And Anthony, maybe to add to that, as Connor mentioned, 25% or less of our business is in the emerging markets. It's historically been in that. And looking forward, it will stay that way. But one of the things we are incrementally doing with that piece of the pie is diversifying it.
So when we were first formed as BEP, it was around 25% of our business was emerging markets, but it was entirely Brazil. Now we're across multiple countries that form emerging markets, and we think that the benefit of further diversification of that piece of the pie is really beneficial.
Anthony Crowdell -- Mizuho Securities -- Analyst
Great. Thanks for taking my questions.
Operator
Thank you. Your next question comes from the line of Naji Baydoun with iA Capital Markets.
Naji Baydoun -- iA Capital Markets -- Analyst
Good morning. I wanted to go back to the comments you made on offshore wind and that scenario of the market, similar to your comments on the next target markets for you for offshore wind. What are some of the opportunities that you're seeing in that technology?
Connor Teskey -- Chief Executive Officer
Certainly. So offshore wind, the most mature and the deepest market around the world is Europe. And that's, obviously, where we've focused for our first investment. Now that being said, we made a comment that we've been monitoring offshore wind for several years now.
We have been looking at opportunities all around the world: in Europe, in Asia Pac, more recently in the United States. I would say we use the same approach when assessing those opportunities that we do anywhere else. Can we get a contract profile that we like? Can we bring something to the transaction that allows us to be differentiated such that we don't need to compete on cost of capital? And if we find those situations in any of our core markets, we'd look to deploy capital into the offshore wind technology. So I would say we don't have a specific region in mind.
I think some of the more recent announcements about decarbonization are going to drive tre
e space in, call it, the short to medium term. And then, perhaps longer out, green hydrogen. And we continue to stay close to that space. Right now, through our power contracting initiative as opposed to actually investing in green hydrogen production, but we'll continue to monitor that space such that when it does become commercially viable on a wide-scale basis, we can be a meaningful player in that sector.
Anthony Crowdell -- Mizuho Securities -- Analyst
Great. And then, just lastly. And I apologize if I mischaracterize this. When you were talking about India, you spoke about the company is putting capital there, putting it to work, but you're not throwing like a deluge of capital.
You're being very, I guess, constrained with it, given it's a developing country. Do you view all the developing countries in one? Or you're willing to spread -- you're willing to have more leverage to developing countries as long as you're spread out? I don't know if I'm clear in the way I'm asking that question.
Connor Teskey -- Chief Executive Officer
No, no, it's helpful. And it perhaps gives me an opportunity to clarify my earlier remarks. Today, our business and traditionally, our business has been, call it, 75%, 75% plus developed countries, and we very much expect that proportion to remain approximately consistent. So on a relative basis, the vast majority of our existing asset base and the vast majority of our growth capital, we expect to go into developed countries.
Now that being said, given the size of our business, that does allow for very meaningful amounts of capital to be deployed into countries like India, and we will pursue those opportunities when we think we are getting attractive returns and strong downside protection. We would very willingly deploy meaningful dollars in India. But I think the comment we were trying to make before is we still see the vast majority of our business and the vast majority of our growth continuing to be in developed countries and developed regions.
Wyatt Hartley -- Chief Financial Officer
And Anthony, maybe to add to that, as Connor mentioned, 25% or less of our business is in the emerging markets. It's historically been in that. And looking forward, it will stay that way. But one of the things we are incrementally doing with that piece of the pie is diversifying it.
 So when we were first formed as BEP, it was around 25% of our business was emerging markets, but it was entirely Brazil. Now we're across multiple countries that form emerging markets, and we think that the benefit of further diversification of that piece of the pie is really beneficial.
Anthony Crowdell -- Mizuho Securities -- Analyst
Great. Thanks for taking my questions.
Operator
Thank you. Your next question comes from the line of Naji Baydoun with iA Capital Markets.
Naji Baydoun -- iA Capital Markets -- Analyst
Good morning. I wanted to go back to the comments you made on offshore wind and that scenario of the market, similar to your comments on the next target markets for you for offshore wind. What are some of the opportunities that you're seeing in that technology?
Connor Teskey -- Chief Executive Officer
Certainly. So offshore wind, the most mature and the deepest market around the world is Europe. And that's, obviously, where we've focused for our first investment. Now that being said, we made a comment that we've been monitoring offshore wind for several years now.
We have been looking at opportunities all around the world: in Europe, in Asia Pac, more recently in the United States. I would say we use the same approach when assessing those opportunities that we do anywhere else. Can we get a contract profile that we like? Can we bring something to the transaction that allows us to be differentiated such that we don't need to compete on cost of capital? And if we find those situations in any of our core markets, we'd look to deploy capital into the offshore wind technology. So I would say we don't have a specific region in mind.
I think some of the more recent announcements about decarbonization are going to drive tre