Canada is the ninth most attractive location in which to invest in renewable energy projects, according to Ernst & Young's latest renewable energy country attractiveness indices.
Canada retained ninth position out of 27 countries analyzed for their attractiveness for renewable energy infrastructure investment – increasing the score gap over Portugal and Ireland, which tied for 10th place – driven by the stability and resilience of the Canadian financial system during the ongoing capital market challenges around the globe.
The report details how a number of Canadian provinces, such as Ontario and British Columbia, are shifting to green economy initiatives. Recent policy in Ontario is stimulating considerable activity across the renewable energy value chain, and British Columbia is proposing a new Clean Energy Act. In addition, while BC Hydro has announced new power purchase agreements and further calls for projects.
To further enhance Canada's attractiveness to renewable energy investment, the study indicates that Canada needs provincial or federal governmental support for domestic manufacturing, through warranty backing or other guarantees, energy efficiency technology and support for renewable energy through generation-based incentives.
SOURCE: Ernst & Young