China Taking The New Energy Lead

China assuming the mantle of green energy leadership; The downside of China’s behemothian industrial capability is that it remains the world’s largest greenhouse gas emitter. It is, however, now leading the way in green energy development

Fernando Moncada River, July 20, 2018 (World Finance)

The Chinese economy has long been dominated by heavy industry, the export of manufactured goods and the development of infrastructure…[They have made China] the world’s largest producer of greenhouse gases…[But] China is also the global leader in renewable energy development...[and] is in the process of a transformative re-orientation of its economy, with its focus shifting increasingly towards technology and a service-based economic model…[It has also been shifting away from coal to reduce its toxic level of air pollution…[In] 2016, the World Health Organisation estimated that more than one million people a year – or just over 2,800 people a day – died in China as a result of overexposure to polluted air…

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“…[The bulk of New Energy investment] used to belong to developed nations; Europe in particular…[But in] 2017, China invested $132.6bn into renewable energy, accounting for almost 40 percent of the total global clean energy investment, as well as 46 percent of the world’s new installed capacity…According to data from the International Renewable Energy Agency, China’s] growth rates for hydroelectric, solar and wind power have all been between two and three times that of the global average…In total, Chinese renewable capacity has seen a 255 percent increase in the past 10 years. By comparison, the EU and the US have only seen a 105 percent and 97 percent increase respectively… Since 2008, China’s capacity in terms of hydroelectric power has increased by over 97 percent, while wind capacity has grown almost twentyfold…[From 2007 to 2017, China’s share of the solar market grew from 1% to 33%...[Forecasts suggest that China] will be responsible for 58 percent of global growth in solar capacity, as well as 60 percent of wind growth and 65 percent of hydroelectric…” click here for more

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