Nordic countries climb the Index; Japan and Chile fall in the rankings
The top three RECAI markets remain unchanged. The US retains 1st position, fuelled by significant solar growth as a result of incentives from the Inflation Reduction Act. Germany remains in 2nd position, having experienced substantial growth in its onshore wind sector; new capacities installed by the end of September surpass the total installed in 2022. And despite halting national-level subsidies, China continues its upward trajectory in offshore wind, maintaining its overall 3rd position.
The Nordic countries continue to pursue their renewable energy ambitions, with Denmark, Sweden, and Norway climbing two, three, and five places respectively.
Japan slips three places to 13th position. Despite abundant natural resources and a commitment to reduce fossil fuels, it is falling behind other leading economies in terms of solar and wind deployment. Similarly, Chile drops two spots to 16th position. Notwithstanding new battery storage targets, Chile continues to struggle with intermittency issues due to solar curtailment across the country.
To view the RECAI Top 40 in full, the normalized RECAI ranking and the corporate power purchase agreement index, as well as analysis of the latest renewable energy developments across the world, visit ey.com/recai.