Care to guess? According to Ernst & Young this Asian country is the most attractive solar market for investments.
The Renewable Energy Country Attractiveness Index (RECAI) published by Ernst & Young listed India as the most promising market for solar investment. India’s renewables industry, especially solar, is rising due to ambitious government targets. The nation targets 500 GW of renewables capacity by 2030, including around 280 GW from solar, and net-zero emissions by 2070.
India is also focused on producing five million metric tonnes of green hydrogen by 2030. The expansion of the green hydrogen industry will drive demand for renewable energy. According to EY, India has the fastest rate of renewable electricity growth among major economies, with renewables accounting for around 42.5% of installed power capacity as of February 2023. India promotes domestic manufacturing of components like cells and modules to meet its renewable energy goals. It has reached a cell and module manufacturing capacity of around 44 GW per year as of early 2023.
For overall renewables investment, the United States retained the top position. It had almost 360 GW of solar and 258 GW of standalone battery storage in queues. Germany overtook China, targeting 80% renewables by 2030. India moved up to sixth place, as it aims to become a major producer and exporter of green hydrogen.
Meanwhile, in the latest survey, Morocco, a North African economic giant featured along with Portugal and Vietnam, which all climbed five places. Taiwan, the rich Asian nation, which has ambitious offshore wind targets, climbed14 places. Others are: Australia in 3rd place, India (4th), while the UK round off the world’s top five solar PV investment destinations. Germany, Europe’s biggest economy, fell to the sixth place. France fell to the seventh position, due to the Covid-delayed national auctions in France. Japan, one of the world’s G7 countries, followed in the eighth position in SPV investment countries. The Netherlands and Spain made up the world’s top 10 SPV investment countries.
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