London-headquartered Ernst & Young has released the November edition of its biannual Renewable Energy Country Attractiveness Index (RECAI), which ranks the top 40 countries in the world on the attractiveness of their renewable energy investment and deployment opportunities.
India, with a score of 62.7, has topped the list as the most attractive destination in the solar PV category.
“Installed solar PV capacity in India has skyrocketed in the last few years, reaching more than 35 GW recently. Its economic attractiveness has led to record-low tariff bids, with the country striving to reach its 510 GW target of installed renewables by 2030,” the EY report noted.
India is followed by China, which scored 60 in attractiveness for solar investment and deployment. The USA earned the third-highest score of 58.1. It was followed by Australia (with a score of 57).
In overall renewables, India has improved its ranking to fourth from seventh in May this year. Last year, it ranked third in this category.
The US continues to rank as the most attractive destination for renewable energy investment and deployment, followed by China.
Australia ranks third, its highest position so far. The nation has been consistently moving up in the RE attractiveness score since the year 2018.
Among other countries in Top 10 for RE investment, France fell from third to seventh and Germany from fifth to sixth. The United Kingdom moved up one place to rank fifth. Japan also improved its ranking from tenth to eighth.
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E&Y is requested to announce the overall life of solar plants deployed so far since 2010 globally. It is highly significant considering the Quality aspects of the plants installed and how long (life time ), these will continue to generate power as per the feasibility established earlier.
Then only the true ranking of the countries shall be meaningful.