The renewable energy revolution is here. According to Think Tank Ember, the world officially passed 30% renewable energy for the first time in 2023.
That not only presents a huge opportunity for governments, but startups too.
But where are the best places to start a renewable energy business? Well, let’s start by looking at the countries leading the renewable revolution…
Top 10 Countries Producing Renewable Electricity
According to Wikipedia, the top 10 countries for producing renewable electricity are:
- China
- United States
- Brazil
- Canada
- India
- Germany
- Japan
- Russia
- Norway
- Spain
But just because a country currently produces the most renewable electricity, doesn’t mean it presents the best opportunities. It’s not just about what a country is currently doing, but what it might be able to do in years to come.
So, let’s take a look at some of the top countries to look into if you’re planning to start a renewable energy business in the coming years.
India
As the most densely populated country in the world, it’s no surprise that India is focused on increasing its energy generation.
In fact, India is planning to produce 5 million metric tons of green hydrogen by 2030, with an investment of $100 billion to help achieve this. The country is also investing heavily in solar and wind power, making it a great market for startups looking to boost energy production.
When it comes to its targets, India has set a target to create at least 500GW of renewable power capacity by 2030, providing businesses with a lot of opportunity.
In particular, India is looking for:
- Ways to increase energy supply in rural areas, to help service its rural communities.
- Increasing access to solar energy generation, in line with its warm climate.
- Cleaner energy production, to help with poor air quality in major cities.
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Brazil
In 2023, Brazil generated over 89% of its electricity from renewables. This was largely driven by hydropower, with wind and solar also playing a part.
However, there’s definitely more work to do in the solar sector, especially as it accounted for just 0.01% of energy generated – despite the country having a huge tropical climate.
In addition to this, Brazil is looking to increase the use of biofuels by 50% in the transport energy mix by 2033.
Brazil in particular is great for:
- Solar startups that are able to grow quickly.
- Entry into other LATAM markets.
- Biofuel startups looking to expand in new markets.
Kenya
Kenya is planning to generate 100% of its energy from renewable sources by 2030 – and it isn’t far off now.
Currently, 90% of its energy comes from renewables like geothermal, hydropower and wind power but it’s looking to achieve net-zero by 2050.
One of the biggest issues in Kenya is its rural community and lack of access to power. Because of this, the government is planning to connect all households to the grid by 2030, giving more households access to renewable power.
Currently, 45% of its energy is from geothermal sources, and around 19% is from hydropower. Whilst wind energy does contribute, there’s a lot further it can go.
Kenya is brilliant for startups that can:
- Help the country expand current resources.
- Create tech that helps reach rural communities off-grid.
- Can increase wind-power.
Germany
Germany is a climate tech powerhouse in Europe, with a government and public that are not only investing in green tech, but fully support it. The country has a goal of 80% renewable electricity by 2030, and 100% by 2035.
Currently, it is investing heavily in wind, solar and hydrogen energy production with an aim to phase out coal and nuclear energy completely.
Germany is a great country for renewable energy startups who:
- Need access to funding via EU grants, VCs and incubators
- Are able to help with green energy creation and storage.
- Have alternatives to nuclear and coal energy production.
Australia
Australia’s government is planning to have 82% renewable energy in grids by 2030 – reaching net zero by 2050.
According to their energy department, 2023, 35% of Australia’s total electricity generation was from renewable energy sources, including solar power (16%), wind power (12%) and hydro power (6%).
With a very sunny climate and a lot of empty land space, Australia has huge potential when it comes to renewables.
Look into Australia if you are:
- Rolling out more solar power on scale.
- Help harness renewable energy for household use.
- Want to break into the country’s startup scene in cities like Sydney, Melbourne and Brisbane.
Morocco
Morocco is home to the world’s largest solar farm (the Noor-Ouarzazate complex) and is working to make itself Europe’s renewable energy partner.
In fact, Morocco is the only African country with a power cable link to Europe, helping it export renewable energy.
As the country is home to the Sahara Desert, which gets a huge amount of solar power, it’s no surprise that Morocco is heavily investing in the sector.
When it comes to its own targets, Morocco is aiming to generate 52% of its electricity from renewable sources by 2030 and has already started building a new project: Its Tarfaya Wind Farm.
Morocco is a great choice for businesses that can:
- Help export the vast amount of solar energy being produced.
- Are able to work between African and EU markets.
- Are experts in renewable construction.