Business Activities News
- Nation lure green projects
Date: 10-May-2007 Sources: (Shenzhen Daily)
CHINA and India will become the most attractive countries for investment in renewable energy projects by 2012, Ernst & Young said in a report Wednesday.
In its quarterly Renewable Energy Country Attractiveness rankings, the accounting firm said the two Asian countries are expected to share the top three spots along with the United States on its overall All Renewables Index within the next five years.
For the first quarter of 2007 the United States retained the top place as individual states there continue to adopt legislation favorable to wind and solar power.
Ernst & Young ranks countries for investment in all forms of renewable energy and by individual types including wind, solar and biomass.
China maintained sixth spot on the All Renewables Index, although it climbed to fifth spot from eighth on the Wind Index.
'Despite recent predictions by the International Energy Agency (IEA) that China may overtake the United States as the world's biggest source of greenhouse gases within months, the Chinese Government is showing a commitment to renewable energy sources,' Jonathan Johns, head of Renewable Energy at Ernst & Young, said in a statement.
'(China's) investment in renewable energy is increasing at an impressive rate, with the annual installation of wind turbines more than doubling in the last 18 months.'
China is set to overshoot a 5 gigawatt target set for wind generation installed capacity in 2010 after it hit 2.6 gigawatts at the end of 2006, experts from the Global Wind Energy Council (GWEC) and their Chinese colleagues said Tuesday.
India held second place on the Ernst & Young overall index again this quarter, with tax exemptions and government legislation on compulsory renewable obligations stimulating growth in the sector, the report said.
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