The UK has secured the fourth position in the latest Renewable Energy Country Attractiveness Index (RECAI), while the US retains its top spot.

Germany has surpassed China Mainland in the rankings, aiming to achieve 80% renewable energy in its power mix by 2030.

Meanwhile, India has risen to sixth place, striving to become a major producer and exporter of green hydrogen.

The RECAI report by EY’s Global Energy team has emphasised the need for policies that promote renewable energy development and cautions against potential imbalances in capital distribution due to government interventions.

Ben Warren, EY Renewables Corporate Finance and RECAI Chief Editor, said: “We are seeing signs of a mid-year recession – and given that such an environment typically facilitates spending and incentives for infrastructure projects, a generational opportunity has emerged for the renewables industry to turbo-charge green energy demand more than subsidies have in the past.

“For larger economies, it could even drive growth through scaling up capacity in the push for energy independence.“