The UK has moved up the league table of the most attractive countries for renewables investment after re-opening the door to onshore wind, according to a new report.
EY’s 2020 Renewable Energy Country Attractiveness Index (RECAI) places the UK at sixth out of 40 global locations - up from seventh - thanks to factors including onshore wind and solar being able to compete for subsidies in the upcoming CfD auction.
The report also highlights the growing focus across the business community on climate change with many companies now looking to renewables as a means to hedge their climate exposure and demonstrate a positive contribution to society.
Although Covid-19 has inevitably impacted on the sector, the report said the long-term picture remained “bright”.
Ben Warren, EY’s global power and utilities corporate finance leader, said: “There is an expectation that the industry will be more resilient than others, with some predicting a bounce back in 2021, particularly if Government starts to provide more subsidies – reversing its move to a subsidy free environment – and corporates continue to support renewables with Power Purchase Agreements that help to provide security of revenue.”
The US replaced China at the top of the RECAI league table.