London, UK-- Global consultant group Ernst & Young has just released its latest Renewable Energy Country Attractiveness Indices, which numerically rank the top 30 global renewable energy markets by their investment strategies and infrastructures. The indices are updated quarterly.
China Soars, U.S. Remains Stable
According to the report, China remains the top global competitor, scoring a record high ranking due to its developing offshore wind market and aggressive five year RFP. China has outlined an 11.3 percent renewables goal by 2015.
Despite a suffering wind market, the U.S. remains in second place this quarter largely due to a flourishing solar sector.
Developers Favor Economic Growth
Many countries in the top 20 have fallen in rank due to declining incentives and capital. Japan dropped three places, mainly due to its nuclear crisis which resulted in a high short-term demand for non-renewable energy resources.
Though some countries have faltered, many developing countries either entered or climbed the indices this quarter. Notable entries include Morocco and Taiwan, both with promising solar and wind potential.
India continues its slow climb, rising to fourth place and overtaking Germany in the rankings. Brazil is also highlighted in the report, jumping four spots due to strong wind markets.
Solar Blossoming Despite Incentive Reductions
Solar is clearly the most resilient sector this quarter, growing 40 percent since May 2010. This growth is largely due to cost and production cuts. Gil Forer, Ernst & Young's Global Cleantech Leader, says governments should take notice. “It is important to overcome the misconception that renewable energy is too expensive, as we continue to see reduction in cost due to improvements in production and supply chain efficiencies as well as in technology,” he said.
The wind sector suffered a 20 percent loss since May 2010, but the report indicates a recent upswing for the industry.
The full report can be found in PDF format here.