The UK is now the seventh most attractive destination globally for investment in renewable energy, a new report said.
Britain has overtaken Japan, which drops to eighth, while China remains top of the rankings and the US keeps second place in EY’s biannual renewable energy country attractiveness index (Recai).
The report, which ranks 40 countries, said spending on green energy in the UK was “picking up pace” despite “uncertainty” brought about by Brexit.
EY claimed the trend showed the sector was “truly global” in nature and that “macro drivers” on climate change “trumped UK domestic issues”.
The professional services firm was also optimistic about the outcome of the UK Government’s latest offshore wind “auction”, which highlighted a drop in project development costs.
Twelve schemes won contracts to sell the electricity they produce.
Four onshore wind farms – Muaitheabhal and Druim Leathann in Lewis and Hesta Head and Costa Head in Orkney – were among the successful bidders.
Benoit Laclau, EY Global Energy Leader, said achieving net-zero emissions was “attainable, if we start now”.
He added: “It is a goal that four of the world’s countries have passed legislation to achieve by 2050, with over 60 more actively considering it.
“This presents a transformative opportunity for the energy industry.
“It is time to shed the stereotype of being slow to change, show strong leadership and take strong action on multiple fronts – including deploying new technologies, investing in energy efficiency and advocating for carbon pricing.”
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