and is about to overtake the USA in renewable energy spending (((THIS IS WHY I AM INVESTED INTO APWR)))

China has moved ahead of Germany and landed just behind the United States for the first time in six years in a list of the world’s most ripe spots for renewable energy investment.

Ernst & Young’s renewable energy country attractiveness indices rank countries according to their appeal as investment hubs for renewable energy technologies such as wind and solar power. They include rankings for national renewable energy markets, renewable energy infrastructures and the suitability of individual technologies.

The country has been steadily climbing the indices, having ranked fourth in 2008 and sixth in 2007. Ben Warren, Ernst & Young’s environment and energy infrastructure advisory leader, explained that reaching over 150 gigawatts of installed renewable energy capacity has helped China go up the rankings.

At this rate, China is expected to lead the world in terms of investment in renewable energy this year.

He also cited other factors for China’s strong showing such as local providers turning into major players in the global solar and wind market, the Golden Sun incentive program and the country’s plans to double its renewable energy target to 10 percent by 2020.

China has also relaxed restrictions on the amount of non-domestic components used in manufacturing, allowing greater foreign participation in its market.

Brazil and Japan are also rising in the rankings. Japan’s new target for greenhouse gas emissions cuts from 8 percent to 25 percent based on 1990 levels by 2020 was said to have been a significant driver.

Meanwhile, Brazil is looking for 7.3 GW of wind, biomass and small hydro combined generation following an energy plan that would help the country source 10 percent of its energy needs from renewable energy by 2020.