Ernst & Young ranks India as world’s most attractive solar market


From pv magazine India

London-based Ernst & Young (EY) has once again ranked India as the most attractive destination for solar PV investment and deployment in its latest Renewable Energy Country Attractiveness Index.

India scored 62.7 in solar attractiveness, with the sector expected to grow significantly and with generation from solar PV set to surpass coal before 2040. The country rose one place to rank third in the overall renewables rankings.

The EY Index lists the top 40 countries by renewable energy investment and deployment attractiveness. It looks at individual categories such as solar PV, concentrated solar power, onshore wind, offshore wind, biomass, geothermal, and hydro. For overall renewables, the United States remained the most attractive market, followed by China. 

EY expects the United States to hold its top spot for renewables attractiveness under President Joe Biden. “The re-acceptance of the Paris Accord, coupled with the recent announcement to cut GHG levels by 50-52% as early as 2030 and achieve 100% carbon-free power by 2035, will likely see increased investment interest in the U.S.,” it said.

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China’s position was helped by the addition of 72.4 GW of new wind power in 2020, as developers rushed to finish their projects before an onshore wind subsidy cut. China and the United States also maintained their attractiveness for solar, ranking second and third, respectively.

Australia ranked fourth, followed by Egypt and Israel. Egypt’s score was helped by the nation’s ambition to increase the supply of energy generated from renewable sources to 42% by 2035. 

The United Kingdom rose one place to rank fourth for renewables investment. This was driven by close to 8 GW of new offshore wind capacity allotted for development, and the government’s approval of the largest battery-storage project, in addition to GBP 92 million ($130.4 million) of funding for innovative green technologies. 

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