Developing nations have seen solar energy investment increase 11-fold since 2010.
The figure has increased from $6.4 billion (£5.13bn) in 2010 to $71.8 billion (£57.57bn) in 2015, according to Climatescope’s clean energy index of 58 developing nations from Africa, Asia, Latin America and the Caribbean.
This rise in investment has seen the total solar capacity of these countries soar from 289MW to 49.3GW and is largely attributable to the steeply declining costs of solar energy.
The report suggests the centre of focus for renewable energy is moving from the wealthier northern hemisphere to poorer, developing countries, typically found in the southern half of the globe.
These emerging nations installed 69.8GW of clean power last year, compared to only 52.9GW from more advanced states.
Four out of five developing countries have now set national clean energy targets and of the 58 surveyed, only Nicaragua has yet to sign the Paris Climate Change Agreement.