Spain is one of the most attractive countries in the world for investment in clean energy. This is the conclusion of a study by the consultancy firm EY, which places Spain in the top 10 of the 56th edition of the Renewable Energy Country Attractiveness Index (RECAI), after having plummeted to 29th position in the same ranking in 2017. Let's have a look at why Spain is currently one of the best countries to invest in renewable energy.
This is the highest position that Spain has reached when it comes to renewable energy sources since 2011, when the country reached ninth place, thanks to a boost given to photovoltaic solar energy and wind power.
"The medium-term outlook remains positive for Spain. The commitment made at national level, when it comes to renewable energy, has reduced the regulatory risk for investors", explains Víctor M. Pérez, Partner in charge of the Energy Sector at EY. Furthermore, the consultancy firm believes that green energy "is going to play a decisive role in the economic recovery of our country".
Among the 30 most attractive countries to invest in green energy are also the main economic powers (USA, China, Germany, Japan and France), as well as several European countries. Morocco is also among the most prominent markets, as is Taiwan. This is the renewable energy by country ranking:
| Position | Country |
| 1 | USA |
| 2 | China |
| 3 | Australia |
| 4 | India |
| 5 | United Kingdom |
| 6 | Germany |
| 7 | France |
| 8 | Japan |
| 9 | Netherlands |
| 10 | Spain |
| 11 | Chile |
| 12 | Denmark |
| 13 | South Korea |
| 14 | Ireland |
| 15 | Brazil |
| 16 | Canada |
| 17 | Italy |
| 18 | Morocco |
| 19 | Argentina |
| 20 | Israel |
| 21 | Taiwan |
| 22 | Portugal |
| 23 | Finland |
| 24 | Belgium |
| 25 | Sweden |
| 26 | Egypt |
| 27 | Norway |
| 28 | Poland |
| 29 | Philippines |
| 30 | Turkey |
The index highlights that technological advances such as hydrogen and artificial intelligence will play a key role in achieving the goal of zero emissions in a post-COVID-19 world. Likewise, if the goal is to accelerate the transition to low carbon emissions, it is essential that climate change and renewable energies remain at the top of the global agenda.
This renewable energy ranking also advocates the use of new technologies to improve asset management and improve demand forecasting, through the Internet of Things (IoT), sensors, 'big data' and artificial intelligence algorithms.
"The amount of data being collected and increasingly advanced technological developments make it possible to make predictions that go beyond what the weather will be like during the week. For example, you can find out how much extra energy is used on a holiday or at an international event, or even how altitude affects energy use. All this makes it possible, among other things, for power generation and marketing companies to make a better production forecast," the study stresses.
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