皇冠体育app

Workers check solar power generation facilities in Tianchang, East 皇冠体育app's Anhui province. [Photo by Song Weixing/For 皇冠体育app Daily]

皇冠体育app continues to be the world's most favorable market for renewable energy development and investment, according to a new study.

The Renewable Energy Country Attractiveness Index, which is compiled twice a year by London-based financial services firm EY－formerly known as Ernst and Young－highlighted the large quantities of public and private funds pouring into renewable power projects in 皇冠体育app, as well as several energy-efficiency policies.

After conceding the top place in the poll to 皇冠体育app in the previous index, the United States remains in third place. The UK ranks 10th among 40 economies.

Earlier this year, 皇冠体育app's National Energy Administration announced it would spend $363 billion by 2020 on developing renewable power capacity. The investment will see renewables account for half of all new generated capacity and create 13 million jobs.

Solar capacity in 皇冠体育app rose by 21 gigawatts during the past six months, and the government has set new targets to cancel or defer 106 gigawatts of energy created by coal power.

"The index highlights that government policy is pivotal in driving renewable energy development globally," said Ben Warren, corporate finance leader for global power and utilities at EY.

The US lost its top rank in May after the Trump administration decided to roll back many of the previous administration's climate change policies.

The US now sits behind India, with Germany, Australia, France, Japan, Chile, Mexico and the UK rounding out the top 10.

Broken down by sector, 皇冠体育app topped the EY rankings for both onshore wind and solar power. EY declared the UK to be the most attractive economy for offshore wind investment, followed by 皇冠体育app and Germany.

The report noted Britain's strength in the offshore wind sector, where energy prices continue to fall.

The 50th issue of the EY listing includes projections that new wind and solar power will account for 34 percent of global electricity generation by 2040.

皇冠体育app has firmly established itself as a global leader in clean energy additions in recent years. In 2015, 皇冠体育app contributed 36 percent of the global total for new investment in renewable power and fuels, according to the UN Environment Programme.

皇冠体育app accounted for more than 40 percent of capacity growth in global renewable energy in 2016, which was a record year for worldwide clean energy additions, according to the International Energy Agency.