According to EY, India has retained the third rank in the Renewable Energy Country Attractiveness Index.
India stayed at the third position in the 58th edition of EY’s Renewable Energy Country Attractiveness Index’ (RECAI), which classifies the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
With the environment, social and governance (ESG) measures surging to the top of the agenda for companies and investors, RECAI also features that corporate power purchase agreements (PPAs) are evolving as a key driver of clean energy growth, it added.
A new PPA Index - presented in this edition of RECAI - concentrates on the attractiveness of renewable power procurement and ranks the growth capability of a nation’s corporate PPA market. India was ranked sixth among the top 30 PPA markets.
India’s flourishing renewable energy market conditions, comprehensive policy decisions, investment and technology advancements focusing on self-reliant supply chains have driven the clean energy transition to new levels, the statement added.
The EY report exposes that the drive to incorporate increasing volumes of variable resources is set to put grid infrastructure under substantial pressure, and the investment needed to upgrade and expand energy transmission infrastructure across the world will be a key challenge.
Mr. Somesh Kumar, Partner and National Leader, Power & Utilities, EY India, stated, “In August 2021, India observed a watershed moment in tackling the climate crisis. The total installed renewable energy capacity (excluding large hydro) crossed the milestone of 100 GW”.
According to the study, the US, China and India remain to retain the top three rankings and Indonesia is a new entrant to the RECAI.
The US maintained its top position on RECAI and is expected to hold its place as new initiatives are being announced under President Mr. Joe Biden. China and India remain unaffected in the ranking at second and third position, respectively, as satisfactory regulatory and investment conditions continue in these markets.
The top-performing countries have held their ground in this most recent issue with no movement into or out of the top eight. France (fourth position, up by one) and the UK (fifth position, down by one), while Germany (sixth position, up by one) has is ahead of Australia (seventh position, down by one) after its onshore wind market had a productive first half of 2021, with 971 MW added, marking a 62% rise from the first half of 2020, it stated.
Also, under the limelight are policy support and notable government auction rounds for Greece, Spain, Taiwan and the UK. The Philippines (27th position, up by four) has moved up the ranking with an implied target of achieving 35% renewable energy by 2030, while also setting out its offshore wind road map.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.