China and India have surpassed the United States as the most attractive countries for investment in renewable energy projects following a marked shift in policy by President Trump.

China has revealed it expects to spend CNY2.5 trillion (US$363 billion) developing renewable power capacity by the end of 2020 in a plan that will see renewables account for half of all new generating capacity, creating 13 million jobs.

In India, a combination of strong government support and increasingly attractive economics has helped to push the country into second place in the rankings. More than 10GW of solar capacity has been added in three years and the trend is set to continue as the government seeks to reach a 175GW renewables target by 2022, with 100GW to come from solar.

The top 40 also saw three new entrants in Kazakhstan (37), which will see its renewables boosted by a loan of €200 million (US$218 million) from the European Bank for Reconstruction and Development, and Panama and the Dominican Republic (38 and 39 respectively)

These countries are following in the footsteps of Mexico’s booming renewables market and lining up for green energy, driven primarily by energy security risks and an increasing demand for more power.

The report also identifies Southeast Asia as a key potential market for new solar, particularly in the rooftop sector due to the difficulties in accessing land and the region’s deregulated energy markets.

For more information on the opportunities for solar and energy storage in the region, Solar Media will be hosting Solar & Storage Finance Asia on 4-5 July 2017 at the Grand Hyatt Hotel in Singapore.