India retains 3rd position in the ‘Renewable Energy Country Attractiveness Index’ : EY
This year, India remains in third place in EY's ‘Renewable Energy Country Attractiveness Index' (RECAI), which measures how attractive it is to invest in and deploy renewable energy in the world's top 40 markets (nations). Corporate power purchase agreements (PPAs) are a crucial driver of renewable energy growth, according to RECAI. ESG measures have risen to the top of the agenda for firms and investors. For the first time in this edition of RECAI, the PPA Index evaluates and rates the growth potential of the corporate PPA market in a nation. India comes in at number 30 on the list of the world's largest PPA markets.
India's growing renewable energy market circumstances, inclusive policy decisions, investment, and technology advancements aimed at self-sufficient supply chains have accelerated India's clean energy transition to new heights. There are barriers in the sector that need to be avoided if rapid growth is to be maintained There is evidence in the EY analysis that integrating more and more variable resources will strain grid infrastructure, making it a crucial issue for investors to upgrade and expand energy transmission infrastructure around the world.
As EY India's Somesh Kumar, Partner and National Leader for Power and Utilities, put it: "India will witness a watershed moment in the fight against climate change in August 2021." Including small hydro, installed renewable energy capacity now exceeds 100 GW. As the share of renewable energy grows, RECAI analyses how the sector might deal with grid integration difficulties by improving and extending transmission infrastructure. An intercontinental grid will be built by India's "One Sun, One World, One Grid" (OSOWOG) plan, which takes advantage of time zones, seasons, resources, and pricing disparities between countries and regions to maximise economic benefits through grid interconnections. To absorb variable renewable energy with little curtailment, the worldwide endeavour will be shaped by this vast interconnection of renewable energy networks.""
USA, China and India are still the top three, with Indonesia joining RECAI as a new member. New actions outlined by Vice President Biden are expected to keep the United States at the top of the RECAI rankings. Mainland Second and third place respectively are held by China and India, whose regulatory and investment climates remain favourable.
The top eight markets have remained static in this issue, with no new entrants or egresses. As a result, France (fourth place, up one spot) and the UK (fifth place, down one spot) have swapped places, with Germany (sixth place, up one spot) regaining ground on Australia (seventh place, down one spot) after the Australian onshore wind market had a successful first half of 2021, gaining 62% over the first half of 2020.
In addition, policy assistance and important government auction rounds for Greece, Spain, Taiwan, and the United Kingdom are in the focus. They are also under consideration. The Philippines has risen four places to 27th place, with a stated goal of generating 35% renewable energy by 2030, as well as an offshore wind energy road map.