- Published: 26 October 2016 26 October 2016
The latest bi-annual EY Renewable energy country attractiveness index (RECAI) sees European countries regaining ground after falling down the ranking to emerging markets in May 2016.
In the index top 10, France moved up one position to 7th as a result of the country's plan to tender for 3GW of new solar capacity over the next three years. Belgium (18th), Sweden (20th), Ireland (30th), Norway (32nd) and Finland (35th) also climbed up the ranking of 40 countries. In Norway, work on a US$ 2.3 billion undersea tunnel to Germany offers a new wind-hydro storage opportunity between the countries. Germany, in addition to the USA, China, India and Chile, remained unmoved in the index top five. The UK, however, is bucking the trend in European improvement, falling to an all-time index low in 14th position. The United Kingdom's vote to leave the European Union, the dismantling of the Department of Energy & Climate Change (DECC) and approval of the Hinkley Point C nuclear power station all contributed to a loss of appeal in the eyes of investors.
When it comes to renewable energy green bonds, the report finds Europe experienced the greatest share of activity. A total of US$ 54.9 billion in renewable energy green bonds were issued in Europe since 2007, followed by North America with US$19.8b and Asia with US$ 4.5 billion. Sixty-five per cent of the proceeds of green bonds sold since the market's inception in 2007 — or US$95.6b — have been channelled to renewable energy. As of July 2016, US$ 48.2 billion of green bonds had already been sold this year, compared to total full-year amounts of US$ 41.8 billion in 2015 and US$ 36.6 billion in 2014.