China continued to hold the number spot on a top-40 ranking of renewable energy markets around the world, according to the biannual Renewable Energy Country Attractiveness Index. This is China’s third time in a row it has ranked first.
The United States overtook India for second place in the ranking, pointing how resilient the U.S. market is as the solar tariffs are mostly absorbed and wind projects are not subject to subsidy cuts under the recently passed U.S. tax reform bill.
“Rising interest rates are likely to increase the cost of cheap capital that has underwritten the dramatic roll-out of renewable energy capacity over recent years,” said Ben Warren, EY Global Power & Utilities Corporate Finance leader and RECAI chief editor. “Government subsidies for clean power are being reduced around the world and financiers are anticipating tougher times ahead for project developers. However, movements in the Index suggest that these developments are just headwinds as the renewable energy sector continues to mature and markets expand.”
Germany claimed the third spot. India dropped to fourth place, followed by Australia.
For the complete top-40 ranking and further insights on the impact of blockchain on renewable energy, as well as in-depth analysis of the sector, visit ey.com/recai.
