China increasingly attractive place for renewable energy investment; United States becoming less attractive.
In Ernst & Young's most recent Renewable Energy Country Attractiveness Indices, China gained two points and the US lost one to put them in a dead tie for most attractive place to invest in renewable energy.
According to the 30-page report, China invested $34.6 billion in clean energy in the last year, almost double that of the United States.
A major reason the US lost one point is the long delay of the US climate and clean energy bill and fear that it might not be passed before the November mid-term elections.
"China's consistently strong performance underlines its determination to robustly align energy and industrial policy as it seeks to build a dominant position in the global market for technology manufacture and supply," said Ben Warren, Ernst & Young’s environment and energy infrastructure advisory leader.
Adding to its continual investment in clean energy, China also recently announced that it is planning to launch a domestic carbon trading scheme by 2014 and has initiated new feed-in tariffs for renewable energy as well as low-interest loans for solar and wind technology firms.
India (ranked 4th) and the UK (6th) also moved up two points in this edition of the report. India moved up due to its injection of over $1 billion into the green economy and new plans to install up to 4GW of wind capacity and 1GW of solar capacity in the near future. The UK moved up primarily due to its plans to launch a £2 billion ($2.96 billion) "green investment bank" and £1 billion ($1.48 billion) being approved to upgrade the country's electricity network in order to boost renewable energy.
Germany held its place at number three and Italy held its place at number six in the "all renewables index".
