RECAI Index: India has been ranked at the third position in the 58th edition of EY’s Renewable Energy Country Attractiveness Index’ (RECAI). The index ranks the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
The United States has been ranked first, China has been placed at second place on the RECAI index. The rankings reflect assessments of market attractiveness and global market trends.
In the RECAI -Corporate PPA Index, a new PPA Index introduced in this edition, India has been ranked 6th among the top 30 PPA markets, while Spain has been ranked first, US second, France third, Germany 4th and Australia has been ranked 5th.
The new PPA Index has been published by the EY for the first time in this edition of RECAI. The Index focuses on the attractiveness of renewable power procurement and ranks the growth potential of a nation’s corporate PPA market. It uses key parameters from four pillars to analyze and rank the growth potential of a nation’s corporate PPA market.
Renewable Energy Country Attractiveness Index: Key Highlights
•The study revealed that renewable energy is thriving as market conditions, policy decisions, investment and technology improvements push clean energy to new heights.
•The investments in renewable energy capacity grew even amid the COVID-19 pandemic and recession by at least 2 percent, while renewable capacity installs increased by 45 percent to 265GW in comparison to 2019. This is the fasted growth rate since 1999.
•The renewable energy growth looks to be even higher this year with the International Energy Agency projecting renewable electricity generation to expand by more than 8 percent to reach 8,300TWh, which would be the fastest year-on-year growth since the 1970s.
•The study further stated that the world is approaching what could be a watershed moment in combatting the climate crisis.
•A pledge by China and the US to commit to working together and with other nations to tackle climate change has sparked optimism for a breakthrough on climate policy, as per the index.
•The US, China and India retained top three rankings on the RECAI index, while Indonesia is a new entrant to the RECAI. The US is expected to hold its place with new initiatives being announced under President Joe Biden, while China and India remain unaffected as satisfactory regulatory and investment conditions continue in these markets.
•As per the study, India’s flourishing renewable energy market conditions along with comprehensive policy decisions and investment and technology advancements have driven the clean energy transition to new levels.
Somesh Kumar, national leader, Power & Utilities, EY India, said, “In August 2021, India witnessed a watershed moment in combating the climate crisis. The total installed renewable energy capacity (excluding large hydro) crossed the milestone of 100 GW. This edition of RECAI also examines how the sector could manage grid integration challenges from the rising share of renewable energy by upgrading and expanding transmission infrastructure."
RECAI -Top 10 Countries
RankCountry1United States2China3India 4France5United Kingdom6Germany7Australia8Japan9Brazil10Spain
Corporate PPA Index -Top 10 Countries
RankCountry1Spain2United States3France4Germany 5Australia6India7United Kingdom8The Netherlands9Italy10Sweden