Germany Beats Out China As Second Most Appealing Nation for Renewable Energy Investments

Germany has taken the second-ranked spot from China on the list of the most attractive countries worldwide for renewable energy investment.

Renewable energy is a thriving niche worldwide, with carbon fuels slowly being phased out to reduce the negative impact on the environment. There is a global shift to renewable energy sources such as solar and wind. 

Germany has overtaken China on the list as it increases efforts to move from fossil fuel consumption to cleaner and bio-friendly energy sources. 

Germany Steps Up For First Time In 10 Years

Reuters reports that in the annual ranking of the top 40 renewable energy markets by consultancy EY, the United States ranks first on the list of the most attractive countries for renewable energy investment.

Germany is next in second place, moving up for the first time in a decade to surpass China. Notably, Germany was Europe’s biggest buyer of Russian gas before the war in Ukraine.

Also, Germany relied on nuclear and coal previously. However, it closed its last three nuclear power stations in April 2023. According to the report, while this development brings the nation close to its energy transition goals, coal usage will likely increase in the short term. 

The coal will hopefully cushion the effects of breaks in power supply transmission in the country. Also, Germany aims to have renewables account for 80% of its energy supply by 2030. Presently, renewable energy accounts for 46% of their energy needs, an increase of 41% at the start of 2022. 

Renewable Energy As Future Of Crypto Mining

Crypto mining is an energy-intensive activity that produces heat and noise as by-products. One enduring criticism of mining is that it uses electricity indiscriminately, causing a shortage in power supply.

However, a report from the Bitcoin Mining Council in 2022 reveals that as of the first quarter of 2022, the Bitcoin mining industry used a sustainable electricity mix of 58.4%.

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