China, India to lead luring green projects by 2012

09 May 2007

Global accounting firm Ernst & Young ranks countries for investment in all forms of renewable energy and by individual types including wind, solar and biomass.

Ernst & Young''s 25-country index had five newcomers of whom Poland ranked the highest at 19. Brazil, Japan, New Zealand and Turkey, which have developed its own renewable energy industries, were the other newcomers.

In its quarterly ''renewable energy country attractiveness'' rankings, the said the two Asian countries are expected to share the top three spots along with the US on its overall ''all renewables index'' within the next five years.

In the first quarter of 2007, the United States retained the top place as individual states continue to adopt legislation favourable to alternative fuel sources - wind and solar power.

China maintained its sixth rank on the ''all renewables index'', even as it moved up to fifth spot from eighth on the ''wind index''.

Jonathan Johns, head, renewable energy at Ernst & Young, said in a statement, "Despite recent predictions by the International Energy Agency (IEA) that China may overtake the US as the world''s biggest source of greenhouse gases within months, the Chinese government is showing a commitment to renewable energy sources. (China''s) investment in renewable energy is increasing at an impressive rate, with the annual installation of wind turbines more than doubling in the last 18 months."