The top 40 countries for renewable energy and green electricity
A new report considers the top 40 countries for renewables in terms of the rapidly advancing prospect of ‘grip parity’, where market forces and distributed energy becomes disruptive. The US, China and India lead the pack, the UK ranks 13th.
The electricity market is undergoing a period of accelerating transition as social, political, technological and economic forces converge to bring about ‘grid parity’ for renewables. The occurrence of the phenomenon, as the need for sustainable energy becomes ever more pressing, is now almost inevitable and the implications for energy markets across the world will be profound. The rise of distributed energy resources, where consumers and businesses generate their own electricity at an equal or cheaper rate than they pay their utility, is likely to create considerable disruption to utilities. While some utilities are seeking to diversify their offerings and create new propositions, the acceleration towards renewables may leave other utilities in the lurch, and investors out of luck.
The electricity landscape is a complex one, however, with the intersection of long term investments, government policy, consumer demand and the rise of an existential requirement for renewables coupled with technological advances. The wide range of different stages for markets, as well as different levels of social and economic urgency with respect to the realities of climate change and associated risks, creates a relatively diverse global marketplace. In a new report from EY, titled ‘Recai Renewable Energy Country Attractiveness Index’, the consultancy considers the top 40 most attractive countries (markets) for renewable investment.
The index is developed from five key pillars, each with a range of differently weighted sub-indices, related to factors driving the attractiveness of country based markets “in a world where renewable energy has gone beyond decarbonisation and reliance on subsidies.”
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