Beating the US once again on energy matters, China is now global leader in global renewable energy market, according to a report by the Big 4 accounting firm, Ernst & Young.
The report issued this week shows China leading the US by five points to lead the index of the most attractive countries for renewable energy projects.
The US had a top ranking since November 2006 and China has taken the top spot as the most attractive country for investing in wind and solar power projects.
China spent US$10bn on its wind power industry in the last quarter, which represents almost half of the global total investment in new wind projects, according to the report.
It also said China's solar industry is fast becoming more of great importance in the global marketplace.
US has been hit by the continued repercussions of the financial crisis, low gas prices, and the uncertain medium-to-long-term policy environment, according to the report.
Ernst & Young also highlighted investment in cleantech in countries such as South Korea and Mexico, which is this month hosting the UN climate change talks in Canc n. Romania and Egypt were also identified as fast-growing wind sectors, the consultancy noted.
The report also said Japan s solar market could grow sharply due to to the government s climate policies, including a tariff subsidy for households. This could result in a four-fold growth in Japan s solar panel market by 2020, from its 2009 level of $5.8billion.
The report issued this week shows China leading the US by five points to lead the index of the most attractive countries for renewable energy projects.
The US had a top ranking since November 2006 and China has taken the top spot as the most attractive country for investing in wind and solar power projects.
China spent US$10bn on its wind power industry in the last quarter, which represents almost half of the global total investment in new wind projects, according to the report.
It also said China's solar industry is fast becoming more of great importance in the global marketplace.
US has been hit by the continued repercussions of the financial crisis, low gas prices, and the uncertain medium-to-long-term policy environment, according to the report.
Ernst & Young also highlighted investment in cleantech in countries such as South Korea and Mexico, which is this month hosting the UN climate change talks in Canc n. Romania and Egypt were also identified as fast-growing wind sectors, the consultancy noted.
The report also said Japan s solar market could grow sharply due to to the government s climate policies, including a tariff subsidy for households. This could result in a four-fold growth in Japan s solar panel market by 2020, from its 2009 level of $5.8billion.
