India has retained its 3rd rank in the 58th edition of Ernst & Young Global Limited’s (EY) ‘Renewable Energy Country Attractiveness Index 2021’ (RECAI).
- RECAI is a biannual report being released since 2003. Under which, EY ranks the world’s Top 40 countries based on the attractiveness of their renewable energy investment and deployment opportunities.
- Environment, Social and Governance (ESG) measures were used as the key measure of the RECAI.
- Even amidst COVID-19, in 2020, the investment in renewable energy capacity grew by 2 percent to US$303.5 billion and, the renewable capacity installs increased by 45 percent (comparing with 2019) to 265GW. (This is the fastest growth rate since 1999).
Top 5 ranking of RECAI:
| Rank | Country | Index Score |
|---|---|---|
| 1 | United States | 72.8 |
| 2 | China Mainland | 70.7 |
| 3 | India | 70.2 |
| 4 | France (Rank improved from 5 in the 57th edition) | 67.4 |
| 5 | United Kingdom (Rank deteriorated from 4) | 67.3 |
Note – The top 3 ranks were unchanged from the previous (57th) edition of RECAI. Click here to know more
Corporate PPA Index 2021:
i.Corporate Power Purchase Agreement (PPA) Index was newly added in the current edition of RECAI, in which India ranked 6th among the top 30 PPA markets.
ii.The index focuses on the attractiveness of renewable power procurement and ranks the growth potential of a nation’s corporate PPA market.
iii.A record 23.7GW of renewable energy was bought in corporate PPAs in 2020.
iv.The PPA Index focuses on 4 pillars such as – PPA market maturity, PPA future market, PPA policy score, and RECAI score.
v.RECAI: Corporate PPA Index 2021 based Ranking:
| Rank | Country | Normalized score (0‑100) |
|---|---|---|
| 6 | India | 54.4 |
| 1 | Spain | 100.0 |
| 2 | US | 97.6 |
| 3 | France | 71.8 |
Recent Related News:
According to ‘Global Wind Report 2021’ released by Global Wind Energy Council (GWEC), India may miss its 2022 Renewable Energy Capacity Targets (175 GW RE by 2022 – 100 GW Solar, 60 GW Wind, 10 GW Bio-Energy, 5 GW Small Hydro) due to several constraints.
About Ernst & Young Global Limited (EY):
Headquarters – London, United Kingdom (UK)
Global Chairman & CEO – Carmine Di Sibio
