China Surpasses U.S. Renewable-Energy Rank
Source: Bloomberg, Alex Morales (9/8/10)
"China is most appealing nation for wind and solar investing."
The move follows the failure of U.S. Congress to pass legislation that would have required utilities to use clean energy.
China, the world's biggest energy consumer, has set itself a goal of generating 15% of its electricity from renewable sources by 2020. It almost doubled consumer subsidies for renewable-power generation in the second half of last year to $545 million, the most recent period reported.
"China is rapidly developing a market that supports its own manufacturers," Mark Bachman, an analyst at Auriga USA in New York, said today in an interview. "In the U.S., it's almost impossible to get 50 states to agree on renewable-energy policy and it's likely to be so watered down as to be ineffective."
In the second quarter of 2010, China attracted $11.5 billion in asset-financing for clean technologies, more than Europe and the U.S. combined, according to Bloomberg New Energy Finance.
"What we're seeing in the U.S. is a continued resistance to committing to long-term visible and transparent support for the sector," Warren said. "The U.S. market has always suffered from this boom-and-bust tax-based incentive regime."
The Ernst & Young ranking includes 27 countries, with Germany, India, Italy, the U.K., France, Spain, Canada and Portugal completing the top 10 behind China and the U.S.