UK rises in EY’s latest renewable energy attractiveness index, US tops list

The UK has become more attractive to renewable energy investors – according to global auditing giant EY – after lifting its block on financial support for onshore wind and solar projects.

In its latest Renewable Energy Country Attractiveness Index (RECAI), EY ranked the UK as the sixth best destination for green energy investment, while the US overtook China as the most attractive jurisdiction.

EY said the government’s decision to include onshore wind and solar energy projects in a major clean energy auction next year helped the UK climb one place on the index since its last edition in October 2019.

The US topped the rankings for the first time since 2016, in large part due to plans to invest US$57 billion in up to 30GW of offshore wind by 2030. China’s attempts to wean the industry off subsidies contributed to its fall into second place, ahead of France, Australia and Germany.

Commenting on the impact of the COVID-19 pandemic on the renewables sector, Ben Warren – the author of EY’s report – said: “Certainly, renewable energy is not immune to the economic disruption being wrought.

“But many of these effects are likely to be short-term. Already, manufacturers in China and Europe are restarting production. Utilities have worked hard to keep generation going in difficult circumstances. And power demand will rebound as economies get back to work.”