This year, emerging markets will overtake developed nations in terms of the amount of renewable wind and solar power they have installed, according to Moody’s, the credit rating agency. In the decade to 2016, the amount of solar power generated across the world has risen by 50 per cent, while wind has increased by 22 per cent, according to BP’s annual review of world energy. While developed economies have been leaders in the development of renewable power, much of the recent momentum has come from developing nations — and from China and India in particular, which are now the biggest and the third-biggest renewable electricity markets, respectively. Swami Venkataraman, co-author of the recent Moody’s report, said: “Countries such as China and India [are] leading the charge, as new renewables become competitive with other sources of power even in developing nations.” Last year, China added 50 gigawatts of solar power capacity, according to the International Energy Agency — more than it added for coal, gas and nuclear power capacity put together, and equivalent to the combined solar capacity of France and Germany. India, the world’s fastest-growing major economy, added around 9.5 GW of solar. The country is on course to hit 28 GW by the end of 2018 — six times what it had installed three years ago. Financial Times