Emerging markets are the driving force of investment in renewable energy, as developed countries focus on reducing costs and slowing demand, according to Ernst & Young.
According to the last quarter’s Country Attractiveness Indices (CAI) for renewable energy published Tuesday, the balance of power is in the process of moving towards Eastern Europe, the Middle East and North Africa, South Asia and Latin America in the immediate future.
Tunisia, Argentina, Hungary, Israel and Ukraine are making their debut in the CAI for the first time this year, having all a high need in renewable energy, bringing the total number of countries covered by the indices to 40.
“These countries, with rapidly growing energy demand, take this opportunity to move from fossil fuel production to low carbon to ensure an efficient future in renewable energy,” said Gil Forer, head of the team of clean energy at Ernst & Young.
