China and India have overtaken the US to become the two most attractive nations for renewable energy investment \u2013 according to a report.<\/p>\n
The report by UK accountancy firm Ernst & Young detailed that both China and India have overtaken the US on the EY Renewable energy country attractiveness index (RECAI) \u2013 displacing the U.S. for the first time since 2015.<\/p>\n
The US now stands at third place behind first place China, followed by India according to a statement to the Ghana News Agency.<\/p>\n
Ben Warren, EY Global Power & Utilities Corporate Finance Leader and RECAI Chief Editor, said: \u201cMovements in the index illustrate the influence of policy on renewable energy investment and development \u2013 both productive and detrimental. Supportive policy and a long-term vision are critical to achieving a clean energy future.\u201d<\/p>\n
At the beginning of 2017, China\u2019s National Energy Administration (NEA) announced the nation will invest around $361 billion in renewable energy generation by 2020.<\/p>\n
It said the investment will see renewables share in the country\u2019s power mix increase to 50 per cent in addition to creating 13 million jobs \u2013 the NEA said.<\/p>\n
According to a report released last month, China\u2019s wind and solar energy sectors could receive up to $782 billion in investments from 2016 to 2030.<\/p>\n
It said in 2016, China\u2019s solar capacity grew an impressive 81.6 per cent to 77.4 gigawatts (GW), while wind power grew 13.2 per cent from 2015 to 2016 to 149 GW.<\/p>\n
In India, the Government plans to develop 175 GW of renewable energy capacity by 2022 and to have renewable energy account for 40 per cent of installed capacity by 2040.<\/p>\n
India added a record wind and solar energy capacity, both exceeding 5,000 megawatts (MW), from 2016 to 2017.<\/p>\n
India has now surpassed the 10 gigawatt (GW) solar photovoltaic (PV) installation milestone, having tripled its capacity in less than three years, according Indian Minister Piyush Goyal.<\/p>\n
The report highlighted that economically viable renewable energy alternatives coupled with security of supply concerns are encouraging more nations to transition to a cleaner energy future.<\/p>\n
In addition, Kazakhstan (37), Panama (38) and the Dominican Republic (39) have all entered the index for the first time<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
China and India have overtaken the US to become the two most attractive nations for renewable energy investment \u2013 according to a report. The report by UK accountancy firm Ernst & Young detailed that both China and India have overtaken the US on the EY Renewable energy country attractiveness index (RECAI) \u2013 displacing the U.S. […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-392839","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n
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