China and India now leading in renewable energy investments is an example of how policies can influence the energy market. Image source: Shutterstock (#352652162)
According to EY’s Renewable energy country attractiveness index, China and India have both surpassed the United States to take the top two positions respectively. A recent change in the climatic policies at the executive level in the US can be accounted as the reasons for the decrease in the country’s attractiveness for renewable energy development and investment. Ben Warren, EY Global Power & Utilities Corporate Finance Leader and RECAI Chief Editor said, “Movements in the index illustrate the influence of policy on renewable energy investment and development – both productive and detrimental. Supportive policy and a long-term vision are critical to achieving a clean energy future.” China’s NEA pushing for a $363 billion to develop new renewable energy products and India’s plans to build 175 GW of new energy capacity by 2022, both contributed to an increase in their rankings. “The renewable energy industry is beginning to break free of the shackles that have stalled progress in the past. More refined technology, lower costs and advances in battery storage are enabling more widespread investment and adoption of clean energy,” Warren further added.
Clean Technica
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