Germany Beats China for Renewables Investment
Germany has surpassed China to become the second most attractive country in the world for renewables investment.
What the Consulting Firm EY has Announced?
Consultancy firm EY has announced the annual ranking of the top 40 renewable energy markets worldwide, with the US holding the top spot, followed now by Germany, claiming second position for the first time in a decade. Germany's efforts to pivot away from fossil fuels and to speed up power market reform has paid off.
How Germany is Aiming for a Greener Future?
Prior to the war in Ukraine, Germany was Europe's largest purchaser of Russian gas and has also been reliant on coal and nuclear, which ceased in April when the country closed its last three nuclear power stations. Research overnight showed Germany is aiming to have renewables make up 80% of its energy mix by 2030. Currently, renewables account for 46%, which is up from 41% at the start of 2022.
Australia has fallen one position to seventh in the index after being overtaken by India, as fast growth in its solar led India to take out sixth place.
How Has the US Evolved as a Global Leader After the Inflation?
The US remains the global leader in the index after the Inflation Reduction Act was passed last year, which allocates US $369 billion for investment in energy security and climate change.
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