The UK has slipped from fourth to fifth in a ranking of the world’s most attractive renewable markets.
Developments in France, which has recently mapped out a 750MW offshore wind zone off the west coast which could be increased to 2GW in future, saw it overtook the UK despite a number of positive announcements of late.
EY, which compiles the league table, cited the upcoming £265m CfD round and emerging hydrogen sector as evidence of strong momentum in the UK sector.
The top three markets – US, China and India – saw their placings unchanged in the latest league table.
EY said that with growing investment and policy support, the conditions appear ripe for renewable energy to continue growing at high speed. However, it said the sector must be careful to navigate around bottlenecks that could threaten the continuing rapid growth.
Arnaud de Giovanni, EY global renewables leader, said: “Increasing investment and policy support has enabled renewables growth to continue at breakneck speed. If sustainability goals are to be met, however, a 50% increase in grid spending could be needed over the next decade as markets adapt for a net-zero future.”
The UK is ranked at 7th in a new Corporate PPA league table published alongside the report and which aims to focus on the attractiveness of renewable power procurement via Corporate PPAs. Spain topped the table, followed by the US, France and Germany.