China is 2nd most attractive for renewable investments

It garnered a total score of 72, behind the US with 73.6.

Mainland China is the second most attractive market for renewable energy investment and deployment opportunities, increasing by a spot in the 63rd edition of EY’s Renewable Energy Country Attractiveness Index (RECAI).

In a report, China obtained a score of 72,  trailing behind the US which remained in the top spot of the biannual ranking with a score of 73.6.

One of the developments in Mainland China cited by EY is the priority placed on renewables and displacing fossil fuels in draft legislation which will encourage both international and domestic investment, and improve infrastructure in rural areas.

The US, meanwhile, was cited for its addition of 4.6 gigawatts (GW) of solar in the first quarter of 2024, bringing the total capacity to 100 GW. The country also provides federal support for grid upgrades to boost the transmission of renewable energy.

Other markets that made it to the top 10 most attractive markets for renewable energy include Germany, France, Australia, the UK, India, Denmark, Canada, and Japan.

RECAI is an index ranking based on the assessment of factors that drive market attractiveness which include pillars that emphasise fundamentals such as energy imperative, policy stability, project delivery, including capital availability, and diversity of natural resources.