According to Ernst & Young’s (EY)- 57th Renewable Energy Country Attractiveness Index (RECAI), India stands at the third position due to its continued progress in solar energy.
This biannual index ranks the world’s top 40 markets on the attractiveness of their renewable energy (RE) investment and deployment opportunities. The rankings reflect assessments of market attractiveness and global market trends.
The US retains top position on the 57th index and is expected to hold its position under President Biden.
While India’s performance is commendable, it may not tell the whole story about the country’s advancement in renewable energy in recent time.
In the last five years, India’s position in the RECAI has fluctuated many times, including the slip from the 2nd position in 2017 to the 4th position in 2018.
Last year, the country moved up from the 7th to the 4th position in the 56th EY RECAI as a result of installed solar PV capacity skyrocketing, reaching more than 35GW.
This year, the country has climbed up one more position, with the market’s solar sector expected to grow significantly and with generation from solar PV forecast to exceed coal before 2040.
According to the 57th EY RECAI, future development to achieve net zero will require a further investment of USD 5.2 trillion, with institutional investors being expected to play a key role in financing the energy transition.
The above article is based on 57th EY RECAI Newsletter; edited by Clean-Future Team