The latest EY Renewable Energy Country Attractiveness Index shows that Ireland continues to climb the index rankings as it rose one place to stand at 12th position.
The improvement came on the back of a series of positive renewable energy and related infrastructure developments, including the successful conclusion of an offshore wind auction and a new deal with the UK to support offshore renewable energy.
EY said this positive result for Ireland comes at a time when a challenging global backdrop for the offshore wind sector, in particular, could change the way large-scale energy projects are built and funded in the future.
The EY Renewable Energy Country Attractiveness Index ranks the world's top 40 markets based on the attractiveness of their investment in renewable energy and deployment opportunities.
The US remains at the top of the index, followed by Germany, China, France, Australia, India, the UK, Spain, Denmark and the Netherlands. Romania and Saudi Arabia hold the two lowest rankings on the index.
EY said the US retains its leading position on the back of significant solar growth as a result of incentives from the Inflation Reduction Act.
Germany remains in second position, having experienced substantial growth in its onshore wind sector as new capacities installed by the end of September surpass the total installed in 2022.
And despite halting national-level subsidies, China continues its upward trajectory in offshore wind, maintaining its overall third position.
Meanwhile, the Nordic countries continue to show their renewable energy intent, with Denmark, Sweden, and Norway climbing two, three, and five places respectively.
Derarca Dennis, EY Ireland Sustainability Services Lead, said it is really positive to see Ireland continuing to climb the global ranks in terms of attractiveness for renewable energy.
"This improvement is a direct result of the policy frameworks that have been put in place to support and incentivise renewable energy, which is being matched by innovation and ambition from energy producers and rapidly escalating demand from corporate users, in particular," Ms Dennis said.
"The cumulative and compounding effect of these actions is helping Ireland become a green energy powerhouse, is playing a key role in meeting our climate commitments and will underpin our drive for 80% renewable electricity generation by 2030," she added.
