By Margaret M. Welsh
According to Ernst and Young’s Renewable Energy Attractiveness Index, the United States has one of the most attractive renewable energy markets in the world. In February 2012, Ernst and Young released its quarterly report and listed the renewable energy market in the United States second only to China. The Report tracks the attractiveness of forty countries and ranks countries based on the development of their renewable energy infrastructure and their suitability for individual technologies.
China maintained the number one position; however, the Report indicates that China’s renewable energy market growth could slow down because of a reduction in solar cell company investments by foreign countries. The Report also predicts a decrease in renewable energy markets for more developed countries, including countries in Europe. This is spurred by Europe’s financial uncertainty.
The United States remains at the top of the renewable energy market attractiveness list. Yet, the Report based its ranking on the assumption that the wind production tax credit would be extended beyond 2012. The Report also indicates that state initiatives have played a large part in the U.S. renewable energy market. States leading the pack for renewable energy, according to the Report, are Massachusetts, Colorado, Texas, Hawaii, and California. Research and development efforts and manufacturing investments at the state level have created a strong renewable energy market for the United States.
For the complete report see Renewable Energy Country Attractiveness Indices, Ernst & Young, February 2012, http://www.ey.com/GL/en/Industries/Oil—Gas/Oil_Gas_Renewable_Energy_Attractiveness-Indices.