Developing nations are rapidly emerging as a second-stage booster in the global energy transition, with non-OECD ( Organisation for Economic Co-operation and Development) countries accounting for the majority of new clean-energy plant built last year, according to new report from Bloomberg New Energy Finance (BNEF).

According to the analyst group’s latest Climatescope study – an annual index evaluating market conditions for renewable energy and climate-related investments worldwide – developing countries together switched on 94GW of wind and solar power in 2017, with 54 nations seeing investment in at least one utility-scale wind farm and 76 secured financing for solar projects of 1.5MW