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China, India surpass USA as the most attractive renewable energy market

Article Source： Hits：806 Time：2017-06-26

By Muqbil Ahmar

China has emerged as the most attractive destination for renewable energy attractiveness.India follows close, on No. 2 spot. Asian giants have surpassed the USA for the first time, which stands at the third position, according to the Renewable Energy Country Attractiveness Index 2017, released by global research and audit firm Ernst and Young (EY).
“The fall—the first for the US since 2015—to third in the ranking of the top 40 countries follows a marked shift in US policy under the new administration,” the EY report said.
It pointed out that the new US government’s executive orders for the roll-back of many of the previous administration’s climate change policies, including the revival of the US coal industry as well as the review of the US Clean Power Plan are the main key downward pressures responsible for the downgrade on the renewable investment attractiveness.

China pushes for green energy revolution

The report further goes on to say that industry-friendly policies by the governments of China and India as well as attractive economics has helped in transforming and changing the outlook for the renewable energy sector. The study goes on to add that India has, in fact, moved up one spot on the Renewable Energy Country Attractiveness Index. The country was placed on the third position for past two years.
While the United States of America has withdrawn from the 2015 Paris Agreement, Asian superpower China is marching towards emission reduction as well as renewable energy commitments. Recently, the world’s biggest floating solar power plant was made operational in Huainan city, Eastern China. The 40-MW plant is on a reservoir and in close proximity to the city. Offshore from Huainan, the plant has been successfully connected with the power grid. Being offshore, it does not take up space and uses less energy than solar farms as seawater acts as a coolant.
China, the most populated country on the globe is facing high degrees of air pollution, which is estimated to kill 1.1 million people annually in the country. A major reason for air pollution is emissions from automobiles, power plants, and factories. China is well on its way towards becoming a green superpower. Solar power is fast becoming a key component of the strategy, as similar projects keep coming up all over China.

India marching towards sustainable energy goals

The Indian Government's initiative to build about 175 GW in energy generation through renewables by the year 2022 and its pledge to get 35% of installed capacity through green energy by 2040 are two factors that have helped the country’s march to the second spot, the report said, adding that India added over 10 GW of solar capacity in the past three years.
“In the medium term, as renewable energy penetration rates increase, the Government will have to turn its attention to the ability of India’s grid to manage intermittent renewables, especially around the evening peak, when solar availability falls away. The cost and availability of energy storage technology could dictate how close India gets to meeting its renewable targets,” said Somesh Kumar, partner and leader, power and utilities, EY India.
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