London — The US has overtaken China as the most attractive country in the world for renewables investment and the global clean-energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.
US growth is largely due to a short-term extension of a production tax credit for wind projects and plans to invest $57bn to install up to 30GW of offshore wind by 2030, the report said. China’s growth in renewables has slowed, as the government looks to wean the market off subsidies. This, coupled with reduced demand as a result of Covid-19, has caused China to drop to second in the index from first last year, but forecasts remain optimistic for long-term growth, the report said.
Despite delays to some projects due to logistic issues amid the coronavirus pandemic, the global renewables sector is expected to bounce back quickly as the long-term drivers for investment remain strong, the report said.