The company's Renewable Energy Country Attractiveness Indices has revealed that the US lost top spot after dropping two points for its failure to enact a federal Renewable Energy Standard this summer.

A December deadline for a Treasury grant programme is also expected to cause the development of new green energy facilities to further slow due to uncertainty over current investment incentives.

Ben Warren, environment and energy infrastructure advisory leader at E&Y, said: "China's surge to pole position has been underpinned by strong and consistent government support for renewable energy.

"This, together with substantial commitment from industry and the sheer scale of its natural resources, means that its position as top spot for renewable energy investment is well-merited.

"Although the United States remains a highly attractive location for investors in renewable energy, it is clear that recent events have stalled momentum."

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