The global top oil importer, China, was placed third in the rankings.
The US has appeared as the top market for renewable venture as President Joe Biden’s administration enacts broader-ranging reforms to mature the clean energy sector.
The global topmost hydrocarbon producer was positioned initiated on the Global Renewables Markets Attractiveness Rankings were custom-built via IHS Markit. The index, which rates nations based on their attractiveness to investors interested in non-hydroelectric renewables such as wind and solar, praised the US for its comprehensive market fundamentals.
Executive director of global clean energy technology and renewables at IHS Markit, Eduard de Vedruna, stated that: “Onshore wind, offshore wind and solar photovoltaic [cells] are set to account for more than 80 per cent of all new power generation capacity additions globally by 2030. While the lion’s share of 2020 capacity additions came from just two markets – China and the US – close to 50 markets recorded double-digit growth in the past year.”
The US has frozen new survey activities on federal lands and has carried the US back to the Paris Agreement, which pursues to limit discharges to below 2°C above pre-industrial levels. It also devices to halve emissions from 2005 levels by 2030.
Germany, which centrals clean power initiatives in the EU, was in second position. China, the global top oil importer, was ranked third. The global second-largest economy accounted for over half of all non-hydroelectric renewable capacity additions last year.
France and Spain were ranked fourth and fifth, respectively, by IHS, which mentioned their robust market fundamentals, stable procurement mechanisms and long-term clean energy targets. India was sixth while Australia was seventh.
Oil businesses in the US face growing scrutiny as Mr Biden’s management remains to push for a transition to cleaner foundations of energy to lower emissions.
However, both nations are “beginning to encounter infrastructure constraints on their continued path towards decarbonisation”, stated IHS.
Onshore wind in India has agonized from a lack of grid and land admittance while uncertainty over federal and state ambitions in Australia has augmented investor anguish.
Japan, which vowed to become carbon neutral by 2050 the preceding year, is ranked eighth. The Netherlands is ranked ninth, while Brazil circles off the top 10 nations.
Indra Mukherjee, IHS Markit’s senior analyst for global clean energy technology and renewables, stated that; “While strong ambitions are perceived positively by investors and testify to a market’s commitment towards renewables, this needs to be backed by a well-conceived implementation framework, adequate infrastructure and durable policies.”