U.S. Overtakes China As Most Attractive Destination For Renewables — Tsvetana Paraskova

The United States beat China to become the world’s most attractive country for investments in renewable energy, and the prospects for the U.S. renewables sector after the pandemic are bright despite the current setbacks, E.Y. said in a new report on Tuesday.

The latest edition of the Renewable Energy Country Attractiveness Index (RECAI) developed by E.Y. showed the U.S. snatching the top spot away from China for the first time since 2016. The shift in attractiveness in the United States was largely due to the short-term extension to the production tax credit (PTC) for wind power and long-term growth in offshore wind plans, which envisage investments of US$57 billion for the installation of up to 30 gigawatts (G.W.) by 2030, E.Y. said.

At the same time, growth in China’s renewables market has slowed down because the authorities want to wean the renewables market off subsidies, the consultancy noted. The slashed subsidies and lower demand from the coronavirus pandemic bumped China off its first-place seat, according to E.Y....

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U.S. Overtakes China As Most Attractive Destination For Renewables
Tsvetana Paraskova