US retains position as most attractive investment market for renewables

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Solarcentury

The US has retained its title as the top market for clean energy investments in audit firm EY’s biannual Renewable Energy Country Attractiveness Index (RECAI), but India, the UK and France are catching up.

The index, which was released today (18 May), shows that President Joe Biden’s actions to foster a renewable energy expansion since he took office in January have helped keep the US in top position since it first leapfrogged China last year.

It notes that Biden pledged to cut greenhouse gas emissions by up to 52% by 2030 last month, based on 2005 levels. The US also installed 19GW of solar last year, an increase of 43% on 2019’s installations, and also added 2.2GW of battery energy storage systems.

While China has kept its second place ranking, India, the UK and France have all moved up the leaderboard. Australia meanwhile while has plummeted to sixth place since the last edition of the RECAI, with EY’s report noting that the Australian minister for energy and emissions reduction recently ruled out state support for an electric vehicle rollout, which it said will “negatively impact future demand for renewable electricity”.

Although the US takes top position, India ranked highest in the Index on solar PV attractiveness with a score of 62.7, higher than both China’s 60.3 and the US’ 57.6

EY global power & utilities corporate finance leader Ben Warren and global tenewables leader Arnaud de Giovanni said developed nations must increase their spend on research and development in the sector to around US$10 billion annually to support the global energy transition. They added that stronger commitments and policies at government level could also “help increase funding opportunities for institutional investors and insurers.”

Read Next

December 2, 2021
Enel Green Power has named Paolo Romanacci as the new head of its North America division, overseeing all renewables activities in the US and Canada.
December 2, 2021
Renewables developer BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon, and will look to “cross-sell” solar and roofing products in the near future as it continues to expand across the US.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 29, 2021
Commercial and industrial (C&I) solar developer Altus Power will offer distributed renewables and energy storage solutions through a new partnership with energy major Shell.
November 23, 2021
The first nine months of 2021 saw US utility-scale solar additions reach 8,410MW, a 38% increase on the same time last year, according to an analysis of new government data by research organisation Sun Day Campaign.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal