China is the world’s most attractive country for renewable energy investment, according to a new study by Ernst & Young. How do other Asian countries fare?
Despite the popular conception of China’s coal-fueled economy and smog-ridden cities, nowhere else can match the Middle Kingdom for renewable energy potential, according to a new report from Ernst & Young (EY). China invested more than $44 billion in clean energy projects in 2017, up from $32 billion in 2016, helping to place the country above the United States and Germany in EY’s global index for Renewable Energy Attractiveness (RECAI). China tops RECAI for the third year running, while India…has fallen below the US and Germany. Ranked fourth, India added more energy capacity from renewables than coal for the first time last year, but the uptake of solar and wind has struggled to meet the country’s ambitious renewable energy targets. Japan, ranking eighth, has dropped one place…the Philippines ranks 21st out of 40 countries in the study. The archipelago has set the ambitious renewable energy target of 15.3 gigawatts by 2030 – three times the 5,438 MW installed capacity in 2010. Thailand, a Southeast Asian economy striving to prioritise solar power, ranks 30th. Thai renewable projects totaling 1.8 GW of capacity are set to be operational by 2019.