The UK must try harder in the next 12 to 18 months to make its renewable energy market more attractive, according to EY.
In a February update to its renewable energy attractiveness index, EY said 2016 would be a make or break year for UK renewables, as well as several other countries including Australia, Greece, Italy, Poland and Spain.
In contrast, “rising stars” in renewable energy are Brazil, Chile, Egypt, India, Kenya, Mexico, Morocco, the Philippines, South Africa, Turkey and the USA.
These markets, said EY, show no signs of slowing down and continue to offer “far reaching energy investment opportunities”.
Mature and steady markets, which offer stable and attractive investment and deployment opportunities, include China, Finland, France, Germany, Sweden and Japan.
However, because these markets are mature they are also “increasingly saturated”, EY said.
Potential growth markets can be found in Algeria, Argentina, Bangladesh, Ethiopia, Indonesia, Iran, Nigeria, Thailand and Vietnam. The main reason these countries are “markets to watch” is their “sheer scale or energy imperative”.
Markets where opportunities have been slow to be realised or are unclear in the long term beyond specific technologies include Austria, Belgium, Denmark, Ireland, Netherlands, Norway, Romania, Russia, South Korea and Taiwan.
Image: Morgue File
