The UK has become the fifth-best country in the world for renewable deployment.
That’s according to the EY’s Renewable Energy Country Attractiveness Index (RECAI), which suggests the UK jumped one place to fifth in the global ranking, following the government’s commitment to invest £350 million to cut carbon emissions and support the net zero goal.
In the meantime, the US holds its place at the top of the index due to support from Covid-19 stimulus packages, while China remains in the second spot with a growing solar sector despite the pandemic.
The report also demonstrates India has moved up from the seventh position to fourth thanks to an increase in installed solar PV capacity.
Germany, which has committed to ending all coal-powered generation in the country by 2038, ranked sixth, as a result of further support for its offshore wind sector and the development of green hydrogen.
Ben Warren, EY Global Power and Utilities Corporate Finance Leader and RECAI Chief Editor, said: “With a verbal commitment from the UK government to support wind power, backing up the rhetoric with a well thought through industrial policy could put the UK at the forefront of one of the most exciting and transformative industries in the world.
“Energy storage, the decarbonisation of heat and transport and intelligent energy management and trading capabilities to support the transition to net zero are just some of the areas where the UK has strength and expertise.”