The Indian renewable energy sector has attained number two position in the world, according to EY in its latest report on “Renewable Energy Country Attractiveness index”.
While China retained its top position, the US which was number two last year has slid down to number three position and Germany maintained its number four position. There is hardly any other developing Asian country listed among the top 25 countries in the ‘attractiveness” index. Pakistan ranks 26 in the index of 40 countries.
“India has zoomed past the US to take the second spot on a list of the world’s most attractive renewable energy market,” tweeted Power Minister Piyush Goyal reacting to on the EY report. EY (Ernst & Young) is the world’s leading multinational professional services firm headquartered in London.
One reason for India attaining number two slot could be the Modi government’s push to promote renewable energy sector. “This is primarily due to a combination of strong government support and increasing attractive economies," EY said in its report.
India has already added 10 GW of solar capacity in the past three years and recently it has doubled its solar energy target. In 2014 India’s renewable energy generation was of mere 2.6 GW. The addition of 10 GW in three years has attracted international solar and wind power players to invest in India, said a senior officer of the Power Ministry.
The decrease in solar PVCs (photo voltaic cells) and its components have further reduced its production cost in some cases to even less than thermal power energy. “With the kind of power production costs we are getting from private players, there appears to be a renewable energy revolution in waiting in India,” the officer pointed out.