China to lead global transition to cleaner energy

Image by IEEFA.

January 10 (Renewables Now) - China, the global leader in the building and financing of clean energy technology, is well prepared to dominate fast-growing sectors such as solar, electric vehicles and storage, according to a new report.

The manufacturers of solar photovoltaics (PV) in China account for roughly 60% of global solar cell production, says the report by the Institute for Energy Economics and Financial Analysis (IEEFA). Electric vehicle (EV) manufacturers are rapidly building domestic capacity, which, according to the authors, is “a prelude to a push into international markets”.

Chinese wind and hydro companies are also expanding abroad, while the State Grid Corporation is investing heavily in foreign power grids.

“Indications are that renewable energy will dominate global power capacity additions for at least the next two decades. China is preparing now to lead this new energy world,” says the report. All that comes in sharp contrast with the US, where the government is looking to support coal power.

The availability of abundant financing is allowing China’s energy sector to pursue ambitious projects overseas. Its investments in renewable energy, new energy and networks projects of over USD 1 billion (EUR 838m) abroad reached USD 44.3 billion in 2017, up from USD 32.1 billion in 2016 and USD 20 billion in 2015.

The full report is available at http://ieefa.org/wp-content/uploads/2018/01/China-Review-2017.pdf.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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