- October 2, 2014
- Posted by: admin
- Category: Latest News & Blog
- UK slips down the rankings for renewable energy
- Loses appeal as destination for renewable energy investment
- China takes pole position
- British government withdrawing Renewables Obligation (RO) early
- US lets it crown slip
Read Ernest Young’s Renewable Energy Country Attractiveness Index (RECAI) and it makes a harrowing read for the UK. We’ve slipped another position in the latest report, going from 6th ahead of India to 7th just above France.
This recent revelation shows the UK at its lowest level for almost five years. This is in no part due to a recent consultation on solar subsidies. Apparently the government has indicated it will withdraw its Renewables Obligation (RO) support for solar projects two years earlier than planned.
This has sparked the reaction. Plus with most of the funding available already allocated to renewable energy projects until 2020 the UK is looking less desirable for investors.
Let’s take a look at the movers and shakers
|Country||Rank||Previous Rank||RECAI Score|
Other factors are affecting the UK’s ability to attract new investors. Competition is booming on an international basis. India is in the process of overhauling its energy policy. South Africa, Chile and Kenya are developing deployment pipelines and there’s a sense of a dip in the appeal of the UK’s renewable market.
Prior to the government’s consultation in May it was thought the UK’s solar sector was booming. Now, thanks to proposed policy tampering, emerging markets and government interference, there’s been a shift in the market as the UK loses ground.
Still it’s not all bad news.
According to Ernest Young the UK is only the sixth nation to surpass the 5GW installed capacity mark. Plus 1.5GW of new capacity has been installed in the first part of 2014, that’s more than the whole of 2013!
In fact, there’s a bright future for renewable energy in the UK and countless households and businesses are embracing the benefits of green energy.
We’re doing our bit at Sovereign. We provide a range of energy efficient services, call us on 0800 243 632 or contact us for further details.