Renewable Energy Country Attractiveness Index

Normalized index
November 2023 | 62 edition

RECAI uses various criteria to compare the attractiveness of renewables markets, such as the magnitude of the development
pipeline, that reflect the absolute size of the renewable investment opportunity. Hence, the index naturally benefits large
economies. However, by normalizing with the gross domestic product (GDP) we can see which markets are performing above
expectations for their economic size.
In this way, the normalized index helps reveal ambitious plans for energy transition in smaller economies, creating someattractive alternatives for potential investors.
Normalized
ranking

MarketPrevious
rankingMovement vs.
previous

RECAIranking

Normalized
ranking

MarketPrevious
rankingMovement vs.
previous

RECAIranking

1

Denmark

3

921

Canada21

112

Morocco225

22

Honduras

23

58

3

Greece1

18

23

Norway25

26

4Australia

6524

Austria26

28

5Chile516

25

Taiwan28

24

6

Ireland

71226

Egypt

20

31

7

Portugal

1022

27

Italy

31

14

8

Netherlands

141028Vietnam36

33

9Finland920

29

Philippines

24

32

10France

11430US30

111Spain

13831

Tunisia

2955

12Jordan

445

32

Dominican Republic

35

46

13

Germany

8233

Argentina

332914Poland171534

China Mainland

34

315

Sweden191735

Romania

47

39

16India

16

636

Kenya

27

48

17

UK

12

737

Bulgaria

41

50

18

Israel152338

Panama39

54

19

Kazakhstan

18

3639

Peru

40

41

20Belgium

222140South Africa

32

370Morocco
Morocco is forecast to bring more than 1GW of renewables
capacity online every year between 2023 and 2027, while theUS$20b Xlinks Morocco-UK Power Project interconnector is ontrack for commissioning during 2030.

-2+1

GreeceGreece is showing good progress toward 2030 and 2050
targets. It has recently surpassed 11GW of installed
renewables capacity, with 1.7GW of green hydrogenelectrolyzers in planning.

+1Ireland
A new memorandum of understanding with the UK to support
offshore renewable energy and increase interconnectivity
is expected to improve Irish energy security and reduce
intermittency risk.

+3

PortugalPortugal’s new 2030 target of 85% renewables generation
has led to huge growth in forecast capacity in solar, wind andhydrogen electrolyzers, reducing reliance on gas.

See page 2 for normalized RECAI methodology.

Renewable Energy Country Attractiveness Index 6201

Normalized index methodology
With the largest global markets tending to top the core RECAI, there are many smaller markets whererenewable energy is growing rapidly and becoming highly attractive. By dividing a market’s RECAI
score by logarithm of the average of the three preceding years’ GDP to produce a “normalized score,” theindex identifies those smaller renewable energy markets that perform best on the core RECAI pillars ofenergy mix, government support, project delivery and natural resource. Removing a market’s economic
size showcases those that are efficient in terms of their size and the most attractive for investors. The
normalized index also highlights larger markets that score well in the core RECAI but could be doing
more to support the green transition.

Renewable Energy Country Attractiveness Index 6202

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