Ernst & Young: China leads the way in renewables

China has surpassed the United States to be the global leader in renewables, according to Ernst &Young's latest renewable energy country attractiveness indices,consisting of 30 countries Tuesday.

The United States, which topped the indices between November 2006 and May 2010, is now five points behind China, said Ernst &Young.

The continued repercussions of the global financial crisis, low gas prices and the uncertain medium-to-long term policy environment have prompted a one point fall this quarter in the US, while China rose two.

Since it was listed in index in September, China has opened up a gap from other markets. Cleantech, including renewable energy, may be a significant part of the country's future economic growth, said Ringo Choi, Cleantech Leader for Greater China, Ernst &Young.

China's investments in its wind industry accounts for nearly half of all funds infused in new wind projects around the world in the third quarter of the year.

The level of wind energy being deployed in China shows what can be achieved with a carefully planned energy and industrial policy that elevates cleantech to a national strategic level. The Chinesesolar industry is also becoming of great importance in the global market place, said Choi.

China is currently the biggest wind power market in the world, and by the end of 2010, China's total cumulative wind power-installed capacity will top other countries, according to reports by the Global Wind Energy Council (GWEC).

Source: Global Times