The UK’s attractiveness to renewable investors has fallen to an all-time low, with uncertainty caused by Brexit being one of the factors.
According to EY’s latest table of the world’s most attractive renewable energy markets, the nation has continued to lose its appeal in the eye of investors – falling to 14th place.
The approval of the Hinkley Point C nuclear plant and the closure of the Department of Energy and Climate Change (DECC) also dealt a “sizeable blow” to the UK’s already floundering renewable energy sector.
However it adds there was respite when the government approved the 1.8GW Hornsea 2 project, which will be the world’s largest offshore wind farm if completed as planned.
Despite the progress on offshore wind, the UK renewables industry faces an unknown future as the nation negotiates its future relationship with the EU.
In the Renewable energy country attractive index (RECAI), the US came in first place, followed by China, India, China and Germany.
The UK’s previous position – 13th – has been taken over by Morocco.