India a world leader in renewables

India is 4th most attractive worldwide in renewable energy.

A report by Ernst & Young identified India as the fourth most attractive place globally in terms of its market potential for renewable energy. India was the second most attractive on the solar index and third on the wind index.

India has consistently ranked among the top five countries globally in terms of its market potential for renewable energy

India had around 26 GW of installed renewable energy capacity as of August 31, 2012. It has plans to more than triple its renewable energy capacity in the next 10 years, driven mainly by wind and solar.

India expects the share of renewable energy in its total energy mix to rise from 7.8% in FY08 to 12% in FY12.

Ernst & Young foresees India's growing rate of urbanisation, rising per capita energy consumption and widening access to energy to significantly increase its total demand for energy. As such, renewable energy is expected to play a vital role not only from an environment angle but also from energy security perspective.

Others in the top 10 were the UK (5th), France and (6th), Canada (8th), Japan (9th) and Brazil (10th).

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