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The Low Carbon Economy Ltd

28 Feb 2011 12:02:05

Renewable energy markets 'still feeling effects of recession'

Renewable energy markets 'still feeling effects of recession'
Global renewable energy markets continue to be affected by the recession, despite record investment in the technologies in 2010, according to Ernst & Young.

The firm's latest renewable energy attractiveness index once again ranked China first, but acknowledged it may struggle to keep up its current rate of "meteoric growth".

China was followed by the US, which recently set an 80 percent clean energy target for 2035, and Germany. The UK sat in fifth place.

Ben Warren, Ernst & Young's energy and environmental infrastructure advisory leader, said: "Where energy policy is less directly linked to job growth in the clean energy sector, we are finding governments and policy setters increasingly focused on delivering a low carbon economy in the most affordable manner, possibly at the cost of longer-term economic value."

Commenting specifically on the UK, Mr Warren said the government should be "commended" for its energy market reforms announced late last year, however expressed concerns the framework may not produce competition or benefit investors, with the latter worry being compounded by the early Feed-in Tariff (FiT) review.

Energy secretary Chris Huhne launched the FiT review in early February, saying concerns about large solar farm developments benefiting from the scheme needed to be addressed. ADNFCR-1235-ID-800431314-ADNFCR

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