China beats US as renewable energy leader

China is now the leader in global renewable energy market, according to a report by Ernst & Young.

The US had a top ranking since November 2006 and China has taken the top spot as the most attractive country for investing in wind and solar power projects.

China spent US$10 billion on its wind power industry in the last quarter, which represents almost half of the global total investment in new wind projects, according to the report.

It also said China's solar industry is fast becoming more of great importance in the global marketplace.
US has been hit by the "continued repercussions of the financial crisis, low gas prices, and the uncertain medium-to-long-term policy environment," according to the report.