AS the world strives to meet net-zero emissions goals amid geopolitical and supply chain disruptions that threaten energy imports, emerging markets are turning to hydropower investment and storage to facilitate their energy transitions.
In the latest sign of commitment to the world’s largest low-cost, low-carbon electricity source, India pledged US$2.4 billion in August 2022 to develop the West Seti and Seti River Hydropower Projects in Nepal, which have a combined capacity of 1.2GW. Two Chinese companies had signed memoranda of understanding to finance the projects but pulled out of these commitments in 2018.
According to the International Energy Agency (IEA), emerging economies have only tapped 40 per cent of their potential to generate hydropower.
By harnessing new technologies and smaller-scale projects, emerging markets are generating new momentum for hydropower to reduce imports of coal or natural gas and supply more power domestically or regionally through cross-border trade.
Building out hydropower capacity
In 2021 hydropower capacity stood at roughly 1,360GW, generating 16 per cent of the electricity used globally. It generated two times as much electricity as wind and four times that of solar, although the growth rates of the latter should close this gap over time.
The IEA forecasts a decline in hydropower capacity in China, Latin America and Europe – regions that have long powered the sector through large-scale reservoir projects – but also projects that new...
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