Jul 26 2010
The recent Ernst & Young's quarterly country charisma index for renewal energy infrastructure, renewable energy markets and renewable energy sustainability indicates that Canada occupies the ninth position out of the total 27 countries analyzed universally.
According to the report Canada retained its position over Portugal and Ireland due to its flexible financial system and stability to withstand the changing capital market trends while others tumbled down due to disconcerted economic and regulative milieu.
Stephen Lewis who leads Ernst & Young's Renewable Energy Advisory practice in Canada remarked about the notable efforts made by Canada in increasing the percentage of renewable energy usage out of its total energy use. He also cautioned about the all round efforts required from individuals and other stakeholders to move up and lead the market.
The top ten countries arranged according to the ranking include United States, China, Germany, India, Italy, UK, France, Spain, Canada and Portugal and Ireland.
According to the report Canada has received only four index points less than the eighth placed Spain. To taper this gap Canada has made some realistic progress in its domestic market. A number of provinces such as British Columbia and Ontario have shunted to green energy. British Columbia has plans to introduce clean energy act and the state owned BC Hydro has signed new power purchase accords and invited further participations for the proposed projects in the province.
Also a recent act of the Canadian government in not renewing the ecoEnergy tax credit kindled the hope of the industry which expects for more such measures to sustain renewable energy generation and growth.
The report suggests proactive actions from the Canadian government such as an initiative by the public sector to support the efforts of private sector in renewable energy generation and technology and buying the end product. Support from the provincial and federal government for domestic manufacturers in the form of guarantees and warranty backing and support in the form of generation based incentives for the renewable energy sector by the individual provinces.
Source: http://www.ey.com/