China is emerging as the world’s clean energy “powerhouse”. China has beaten up the United States as the top investor in clean energy. In 2009, for the first time China led the world in clean energy investments and Britain achieved the 3rd position. In the past year, China surprisingly spent $34.6 billion in clean energy which is double then that of United States $18.6 billion. World’s largest economy lost the top spot in clean energy.
China had made a strategic decision to invest in wind and solar technologies. It has a huge wind turbine production sector and is the world’s largest solar cells producer. Its aim is to achieve 30 gigawatt renewable energy capability set up by 2020 but soon it will surpass the target. Britain’s advancement in this sector is due to vast government-backed offshore wind power projects and made investments into the young marine energy sector.
Britain spent $11.2 billion, gained 3rd position followed by Spain and Brazil. South Korea moved with 250 percent growth of setup capability. Since 2005, global investments in this sector have doubled and are proposed to reach $200 billion in 2010.
As a percentage of their economies China, Brazil, Spain, Britain and Germany have the most vigorous clean energy sectors with strong green policies which consist of carbon markets, feed-in-tariffs, and mandated clean energy targets and priority loans for renewable energy projects. Due to China, United States competitive position is at threat in the up coming clean energy economy.
United State is on the border of losing its leadership position in established renewable energy capacity, with China soaring in the previous several years to a virtual tie. Some researches show that in last year Spain invested five times more than the United States while China, Brazil and the United Kingdom invested three times more. Half of the G20 countries spent a larger proportion of their gross domestic product on clean energy.
Though US is termed to be the world’s largest economy, it doesn’t seem to be taking clean energy strategies very seriously as it still considers itself free from major pollution issues. China on the other hand, has to adopt to clean energy as fast as possible due to its impending population rise and also rising pollution. Being the world’s largest country, it has serious pollution issues that needs immediate attention, and thus, its capability to beat off US in green investments can be understood. The US does need to realize that it too needs to take up clean energy challenges seriously, as more consumption is increased, in regards of cars and technology. Any carelessness will result in environmental issues.
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China is growing fast in renewable energy. But still much work needed.
Yes, but China has still managed to not only out beat US but also the rest of the world in green investments. Quite a feat.