The US Becomes Second Most Attractive Country for Renewable Energy Per Ernst & Young
Photo by Alex Abian/CC BY-NC-ND 2.0
Article by Natalia Maikranz
In a report released by Ernst and Young, the United States rose to the status of the second most attractive nation for renewable energy investments.[2] The international company released their bi-annual report titled Renewable Energy Country Attractiveness Index (RECAI) earlier this week which analyzes and determines which countries around the world have the best markets for the renewable energy sector.[2] This rise in ranking represents the persistency of renewable energy growth in the United States highlighting that clean energy is in the best interest for America’s future.
The success of the renewables market in the United States has been in question as of late because of the imposition of tariffs on imports of solar photovoltaic and modules. [3] With this new policy many questioned whether or not a fruitful green energy market would be possible in the United States. Fortunately, these newly imposed tariffs only affect solar panel importation, resulting in very little influence in growing wind energy projects across the country.[4] This report by Ernst and Young shows that such polices have not deterred investment as most of the tariffs are absorbed and therefore do not impact the overall success of the market.
In 2017, the United States ranked 3rd place overall out of the 40 countries listed in the RECAI report.[1] It was preceded by India but the recent threat of a 70% tariff on solar panel imports proved to be problematic for India’s 2022 solar power goals and ranking within the RECAI report.[1] Germany has taken 3rd place followed by the new 4th place holder, India. [2]China for the last several years has held the top spot on the report as the most attractive market for renewable energy with its ever growing solar energy industry.[2]
This Ernst and Young report on the attractiveness of renewable energy in the United States shows that a strong renewable energy market is not only good for the environment but good for the economy. Investment in this growing industry in the United States holds a great deal of promise for the future of our market and our environmental protection.
Sources
- Graham, Karen. “U.S. Moves up to Second Place in Global Renewables Market.” Digital Journal: A Global Digital Media Network. May 01, 2018. Accessed May 02, 2018. http://www.digitaljournal.com/business/usa-moves-up-to-second-place-in-global-renewables-market/article/521154.
- “News – EY – US Overtakes India on Renewable Energy Country Attractiveness Index despite Rising Protectionism.” News – EY – US Overtakes India on Renewable Energy Country Attractiveness Index despite Rising Protectionism – EY – Global. Accessed May 02, 2018. http://www.ey.com/gl/en/newsroom/news-releases/news-us-overtakes-india-on-renewable-energy-country-attractiveness-index-despite-rising-protectionism.
- Pentland, William. “U.S. Becomes Second Most Attractive Country for Renewable Energy, Says New Study.” Forbes. May 01, 2018. Accessed May 02, 2018. https://www.forbes.com/sites/williampentland/2018/05/01/u-s-becomes-second-most-attractive-country-for-renewable-energy-says-new-study/#6b3788a
- Slav, Irina. “U.S. Becomes Second Most Attractive Renewables Market.” OilPrice.com. May 01, 2018. Accessed May 02, 2018. https://oilprice.com/Latest-Energy-News/World-News/US-Becomes-Second-Most-Attractive-Renewables-Market.html.