Australia raises from 4th to third place in Ernst & Young’s (EY) index
Ernst & Young’s (EY) latest bi-annual Renewable Energy Country Attractiveness Index measuring investment in renewable energy by 40 countries has raised Australia from 4th to third place, behind China and the United States. The improvement in Australia’s ranking owes much to its planned investment in green hydrogen and solar energy export projects.
The (EY) report noted that there had been a significant increase in investment in green hydrogen projects during 2020 by both policymakers and investors . The increase is largely due to the environmental benefits and major improvements in green hydrogen technology, which have greatly improved productivity and cut costs.
Amongst the major projects mentioned in the report two stand out. The first is Sun Cable’s 10GW/30GWh solar/battery project which aims to send renewable electricity to Singapore via a 4,500km cable and the second is the 15GW Asian Renewable Energy Hub. These together with other projects are likely to cement Australia’s position as a world leader in green hydrogen and solar energy export projects, in spite of a lack of enthusiasm for renewable projects in some parts of the federal government.