The US and China headed Ernst & Young’s ranking list for the most attractive markets for green energy, while Australia for the first time entered the top three propelled by its vast solar and hydrogen export ambitions.
India climbed to the fourth position from the seventh previously, as its solar targets made it an attractive market, which in turn led to record-low tariff bids. Recently, India updated its goal for installed renewables capacity from 172 GW in 2022 to 510 GW by 2030.
The UK and Germany switched places in the 56th edition of the Renewable Energy Country Attractiveness Index (RECAI). The UK moved up to the fifth slot, while Germany slipped to the sixth position, in spite of its large-scale plans to expand its offshore wind sector and develop green hydrogen.
France lost four positions and arrived on number seven as the domestic market was shaken by the COVID-19 fallout. The country, though, has adopted a recovery package that puts significant focus on renewables, sustainability and green hydrogen production.
Although it fell by two positions in the ranking, Ireland strengthened its appeal with the introduction of its renewable energy auction scheme. It occupied the 14th spot in the latest ranking due to the more intensive progress in Chile and South Korea. The two countries climbed to the 11th and 13th positions, respectively.
Portugal and Taiwan made big progress from the previous index. Taiwan reached number 21 from 35 previously, backed by the government’s plan to auction 1 GW of offshore wind capacity by 2021 and 4 GW more by 2030. After record bids in its second state-run solar tender, Portugal moved up five positions to number 22.
Thailand, Pakistan and Austria entered the ranking, occupying the last three of its 40 slots, backed by targets to expand the share of renewables in the national energy mix.
EY confirmed that the COVID-19 pandemic has created an overall market uncertainty but said the recovery from it gives an opportunity for green and sustainable energy growth. In all, technological advancements, such as hydrogen and artificial intelligence (AI) are seen to have a “critical role” in the post-COVID-19 world.
“There will no doubt be challenges in the short term, but renewables are well-equipped to seize the opportunity. Energy leaders must take the lead in a coordinated effort across industries and leverage technological innovations toward enabling a sustainable future,” said Arnaud de Giovanni, EY global renewables leader.
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