Which Countries Are Currently Investing in Renewable Energy Projects?
At Gibson Watts Global, we’re proudly partnered with our sister company, Gibson Watts, who are recruitment specialists in renewable energy generation and clean tech. This collaboration fuels our interest in understanding the nations that are making significant strides in renewable energy projects. For businesses exploring these markets, we’re well-equipped to support your Employer of Record (EOR) needs. Let’s take a closer look at the countries leading the way in renewable energy adoption.
Norway
Norway has consistently set the benchmark for renewable energy production and usage. According to Enerdata, as of 2022, renewable energy accounted for a remarkable 98.3% of the nation’s total electricity consumption. The backbone of Norway’s renewable energy is hydropower, complemented by emerging investments in wind and wave power. However, solar energy has limited potential due to its geographical constraints.
Economically, Norway offers a business-friendly environment, ranking 9th out of 190 economies for ease of doing business. This makes it an attractive destination for companies seeking to expand operations in a highly sustainable market.
Brazil
Brazil stands out with renewables comprising 89.3% of its total energy consumption. Like Norway, hydropower dominates its renewable energy landscape, benefiting from the country’s abundant rivers and favorable climate.
As the largest economy in Latin America, Brazil presents robust opportunities for businesses. Employers gain access to skilled professionals, cost-effective hiring solutions, and streamlined market entry, as highlighted in one of our recent blog posts.
New Zealand
New Zealand is renowned for its pristine environment and commitment to sustainability, with renewables making up 87.6% of its electricity usage. The country’s renewable energy mix is led by hydropower and geothermal energy, with a goal of achieving 100% renewable electricity by 2030.
A progressive and stable nation, New Zealand offers excellent prospects for businesses and expatriates alike, enhancing its appeal as a destination for expansion.
Denmark
Denmark is another global leader in renewable energy production and usage, with 87.2% of its energy derived from renewable sources as of 2022. Wind power contributes to over half of its renewable sources, followed by biomass, solar, and biogas. Denmark has set ambitious targets to achieve climate neutrality by 2050.
In addition to its green energy achievements, Denmark boasts a thriving business climate, ranking 4th globally for ease of doing business.
Portugal
Portugal harnesses a diverse range of renewable sources, including wind, hydropower, solar, and biomass, accounting for 75.5% of its energy production.
Portugal is an attractive destination for businesses and expats from English-speaking countries, as it has one of the highest English-speaking populations globally, due to its long-standing alliance with the UK.
Sweden
Sweden’s renewable energy consumption stands at 69.4%, making it one of Europe’s leading nations in sustainable energy. Due to its high water reserves, hydropower is its most common renewable source, closely followed by wind.
The country’s reputation for innovation – epitomized by global brands such as IKEA, Volvo, and Spotify – combined with its high ranking on the Ease of Doing Business index, underscores its appeal for investors and entrepreneurs.
Canada
Canada’s expansive geography enables it to leverage a diverse mix of renewable energy sources, including wind, biomass, solar, geothermal, and ocean energy. These sources account for an impressive 67.2% of the nation’s renewable electricity consumption.
Canada is known for being a friendly country, with a beautiful and varied landscape. With its leading education, medical, and immigration systems, it is a desirable location for workers and hirers alike.
Colombia
Colombia’s renewable energy share stands at 66.4%, driven largely by hydropower. The country is actively exploring other renewable sources, including wind and solar, as part of its efforts to diversify its energy mix. With a growing economy and government incentives for clean energy, Colombia is an emerging player in the renewable sector.
Colombia is also an attractive business proposition, with a coastline in the Pacific and Atlantic Oceans and the Caribbean Sea; and trade agreements with 65 countries globally.
Chile
Chile derives 63.7% of its electricity from renewables, particularly wind, solar and hydropower. Its geographical advantages, including the Atacama Desert – home to some of the planet’s most powerful solar radiation – make it a hotspot for solar energy projects.
Chile’s supportive policies and commitment to sustainability attract both local and international investments, as well as being one of the most expat-friendly countries in the world, and actively a member of several trade agreements.
Germany
Germany’s renewable energy usage accounts for 53.5% of its total electricity consumption, with wind and solar leading the charge. As a pioneer in clean energy policies and technology, Germany has become a hub for innovation and sustainable business practices.
As the largest economy in the EU and the third largest globally, Germany offers companies a robust political and economic framework and significant opportunities within the growing clean energy sector.
Spain
Spain utilizes a mix of solar, wind, and hydropower to achieve 52.3% renewable energy usage. The country’s sunny climate and coastal winds make it an ideal location for renewable energy projects, bolstered by strong government support and EU funding.
Spain also offers a high standard of living, incredible climate, and relatively affordable lifestyle, making it one of the world’s most popular destinations to immigrate.
Romania
Romania’s renewable energy consumption stands at 49.9%, with hydropower forming the backbone of its clean energy sector. The country is investing in expanding its renewable capabilities, offering opportunities for growth in this developing market.
The country’s expanding renewable capabilities, coupled with its strong IT sector and significantly lower cost of living in Bucharest (around 50% less than major Western European cities), offer compelling business opportunities.
Conclusion
As the world increasingly embraces renewable energy, with projections indicating renewables will meet nearly half of global electricity demand by 2030, the need for specialized support is crucial. Gibson Watts and Gibson Watts Global are uniquely positioned to partner with businesses in this sector, offering expert recruitment and comprehensive global employment services to facilitate their success in this dynamic landscape.
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Written by Gibson Watts Global Relationship Manager, Juliette Wreford
Juliette has over three years’ experience in the EOR industry, and over 15 years’ experience in Account Management and employment solutions. Prior to her professional career, she was University-educated, achieving a 2:1 BA (Hons) degree in English and Media.
In her role at Gibson Watts Global, Juliette manages relationships with clients, employees and local teams alike, to ensure a consistently customer service-led approach is delivered at all levels. Additionally, Juliette is actively engaged with the company’s marketing activity, both collaborating with external parties on new projects, and researching/creating industry-relevant content.