China topped the list of
the world’s most attractive renewable energy markets for 2017, Ernst &
Young (EY) announced on Tuesday.
China jumped to first place
due to its green energy policies, the Renewable Energy Country Attractiveness
Index (RECAI) showed.
In China, the National
Energy Administration announced in January 2017 that it would spend $363
billion to develop renewable power capacity by 2020.
The investment will create
13 million jobs and increase the share of renewables to account for half of all
new generating capacity, according to the administration's plan.
"China also plans to
launch a pilot tradable green certificate program in July 2017 for project
operators to prove they have generated clean power for sale to consumers,"
EY said.
The country also committed
to reducing greenhouse gas emissions by 18 percent per unit of economic growth
by 2020 under the Paris Agreement.
India ranked second on EY's
annual renewable energy market attractiveness list.
"India continued its
upward trend in the index to second position with the government’s program to
build 175 gigawatts in renewable energy generation by 2022 and to have
renewable energy account for 40 percent of installed capacity by 2040," EY
said.
The country added more than
10 gigawatts of solar capacity in the last three years, starting from 2.6
gigawatts in 2014.
China and India surpassed
the U.S. to take first and second place on the list.
The U.S.' fall to third in
rankings of the top 40 countries, the first since 2015, "follows a marked
shift in U.S. policy under the new administration," EY underlined.
EY identifies the new
administration’s executive orders to rollback many of the previously
established climate change policies, revive the U.S. coal industry and review
the U.S. Clean Power Plan as key reasons the country is losing its investment
attractiveness.
"Movements in the index
illustrate the influence of policy on renewable energy investment and
development, both productive and detrimental. Supportive policy and a long-term
vision are critical to achieving a clean energy future," said Ben Warren,
EY global power & utilities corporate finance leader.
"More refined
technology, lower costs and advances in battery storage are enabling more
widespread investment and adoption of clean energy," Warren added.
Kazakhstan (37), Panama
(38) and the Dominican Republic (39) all entered the index for the first time.
(
Anadolu Agency)