China better than UK for renewable investors
by David Masters
August 27, 2008
China has overtaken the UK as one of the most attractive countries for renewable energy investment.
Ernst & Young, who have compiled the Renewable Energy Country Attractiveness Indices for the past five years, now rate the UK in sixth place, behind the US, Germany, India, China and Spain.
Previously the UK held fourth place.
Ernst & Young say China’s higher rating is largely due to government policy, which aims to produce 15% of the country’s energy from renewable sources by 2020.
Meanwhile, the UK Energy Bill has been consistently delayed, and is still going through parliament.
This year’s report by Ernst & Young criticises the UK government’s poor track record in translating ambitious targets into reality.
China, on the other hand, met its target of producing 5GW of renewable energy three years early, and its target of 30GW by 2020 is expected to be exceeded.
Tax breaks for renewable energy producers in the US still make it the most attractive country for renewable investment.
Germany, in second place, has been quick to respond to the EU’s renewables directive, achieving 72.1 terawatt-hours of renewable energy in 200, compared to just 18.1 in the UK.
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