Report: China Surges Ahead In Global Renewable Energy Race

China's record spending on its wind industry this quarter represented nearly half of all funds invested in new wind projects around the world, according to Ernst & Young's latest Renewable Energy Country Attractiveness Indices of 30 countries.

Figures released for the second quarter of this year show that China invested approximately $10 billion in wind power out of a global total of $20.5 billion.

The U.S., which topped the indices between November 2006 and May 2010, is now five points behind China. The continued repercussions of the financial crisis, low gas prices and the uncertain medium-to-long term policy environment have prompted a one-point fall this quarter in the U.S., while China rose two points, according to the report.

‘The level of wind energy being deployed in China shows what can be achieved with a carefully planned energy and industrial policy that elevates cleantech to a national strategic level,’ says Ben Warren, Ernst & Young's U.K. energy and environmental infrastructure advisory leader.

This issue of the indices includes four new entrants: South Korea, Romania, Egypt and Mexico. South Korea leads the new entrants to secure the 18th position, on the back of its ambitious targets, strong incentives and robust supply chain. Romania and Egypt are both ranked 22nd, as a result of their fast-growing wind markets. Mexico completes the new lineup, ranking 25th, benefiting from challenging targets and strong wind and solar resources, according to the report.

Japan climbed three points in the index, driven by the potential for its solar cell market to grow nearly fourfold from its 2009 level. The U.K. climbed a point following its government's public-spending review and the publication of a national infrastructure plan, both of which signaled strong support for renewables and specific investment in offshore wind.

Elsewhere, India gained a point following the completion of regulations for the trading of renewable energy certificates by seven Indian states, with another nine states having now prepared drafts.

SOURCE: Ernst & Young


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