China to Overtake UK on Renewables

At the same time that it is playing host to the international sporting community, China has been included in the top five attractive countries for investment in renewable energy. This is according to the latest Ernst & Young renewable energy country attractiveness indices, which was published on August 19.

The report (PDF) tracks and scores global investment in renewable energy for six months. The list saw the UK drop from fourth to sixth spot, allowing China to take joint fourth spot, along with Spain. The United States, Germany took out the top three spots.

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“Investment in China has been boosted by the government’s energy policy, which secures renewable energy as a vital and important part of the country’s energy mix,” said Jonathan Johns, head of renewable energy at Ernst & Young. “China’s stellar growth in renewables can also be attributed to the speed at which it has built up its supply chain capability, to the point where it is likely to have nine gigawatts of manufacturing capacity in a few years. China is also likely to become a significant exporter of wind turbine equipment in a few years, adding to its already strong presence in the solar industry.”

Analysts are blaming the delay to the UK’s Energy Bill for their slip in the rankings. Compared to Germany, Britain is haltingly moving forward, with parliament throwing up roadblocks to renewable innovation and implementation.

“To make the UK a world leader in attracting investment in this sector, and to avoid it slipping further down the index, the government needs to consider creating tangible incentives for investors, following the lead of Germany and the ambition of China,” says Johns.

Other notable inclusions in the rankings see Canada at eight, France at nine, Australia at thirteen and Japan at twenty.

With China quickly becoming a heavy industrialized hitter, a renewable goal was vital. The Chinese government made the commitment that by 2020 they would acquire 15% of their energy needs from renewable energy sources. And with their rapidly-growing manufacturing base, not only may they exceed this goal, but “China is also likely to become a significant exporter of wind turbine equipment in a few years, adding to its already strong presence in the solar industry.”

Either way, with all the bad press China has been getting of late, it is nice to see a little ray of sunshine in there somewhere.

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