India has maintained the third rank in the Renewable Energy Country Attractiveness Index released by consultancy firm EY. The US and China are in first and second place, respectively.
India ranked third in the 58th edition of EY’s ‘Renewable Energy Country Attractiveness Index’ (RECAI), which ranks the world’s top 40 markets (nations) on the attractiveness of their renewable energy investment and deployment opportunities, an EY statement said.
With the Environmental, Social and Governance (ESG) measures reaching the top of the agenda for companies and investors, RECAI also highlights that Corporate Power Purchase Agreements (PPAs) are emerging as a key driver of clean energy growth, it added.
India ranks 6th among the top 30 PPA markets
A new PPA index – introduced in this edition of RECAI – focuses on the attractiveness of renewable energy purchases and ranks the growth potential of the country’s corporate PPA market. India ranks sixth among the top 30 PPA markets.
The state of India’s renewable energy market, inclusive policy decisions, investment and technology reforms focused on self-reliant supply chains have propelled the clean energy transition to new heights, the EY report said.
Somesh Kumar, partner and 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.”
Top countries on Renewable Energy Country Attractiveness Index (RECAI)
The US continues its top ranking on RECAI. Mainland China and India remain unchanged in the ranking at second and third position, respectively, as favourable regulatory and investment conditions continue in these markets. Indonesia is a new entrant to the RECAI.
Other top-performing markets in the list are – France (fourth position) and the UK (fifth position), Germany (sixth position), Australia (seventh position).