Laws and regulations are influential in this race to electrify the world’s energy systems. Renewable energy being the bearer of major milestones shows just how important climate change is to regulators and governments as they pass new rules to decarbonise the industry.
In order to be resilient in the event of global disruption, which is exacerbated by the events of the decade so far, organisations are delving further into the renewable energy sector to build a reliance on solutions that are provided globally, but available locally.
As we look at the renewable industry developments so far, EY provides a detailed report, housing data on the current acceleration of green energy transformation. This Renewable Energy Country Attractiveness Index (RECAI) is the consultancy’s 61st issue and incorporates insights into market conditions and regional developments taking place.
EY unpacks renewable energy transformation of late
The analysis of the report talks on a global basis and also reaches conclusions about the solar PV market, particularly when investments are increasing in this space.
EY rates countries based on their renewable energy investments and performance with Germany jumping up one spot to nestle below the US at the top of the chart. Germany has become more attractive in the energy space for its expansion of solar PV and further actions to decarbonise its economy. The German government set a target of 11-gigawatts of rooftop PV installations every year, and hopes to achieve this from 2026 onwards.
According to the data, other countries have become more attractive in the energy landscape, including Canada, Turkey, and Portugal—all up three spaces in the index—as well as Saudi Arabia, which is up two spaces.
Canada’s Nova Scotia province will become home to significant wind energy generation, which is expected to create 5 GW of offshore wind energy by 2026. In Turkey, the government is highly invested in renewables as it issues a 10-year feed-in tariff available to projects installed within this decade. An extra five years was allowed for solar energy projects to take shape, but the overall goal for 2030 is to reach 65% renewables.
Moving across to Europe, we see that Portugal’s investments are driving a cleaner energy landscape. The country expects a €60bn (US$66bn) cash injection into the wind and solar capacity of the country.
To discover an abundance of data on renewable energy transitions from EY, read the full report HERE.