January 10, 2018 Read More →

China Takes Lead In New Energy Economy, IEEFA Report Shows

The Guardian:

China is moving toward becoming a global leader in renewable technology as the U.S. pulls away, a new report has said. China is the world’s biggest emitter of greenhouse gases and still invests in coal but in recent years it has become the largest investor in domestic renewable energy. The country is now on track to lead international investment in the sector, according to the report by the Institute for Energy Economics and Financial Analysis (IEEFA).

“As the global transition toward renewables gains pace and as battery storage and electric vehicles technologies pick up momentum, China is setting itself up to dominate these sectors globally over the next several decades of this century,” said IEEFA.

IEEFA identified a record high spend of more than US$44bn by China on international takeovers and projects worth more than $1bn – a 38% year-on-year growth.

The trajectory is in stark contrast to that of the US, which last year pulled out of the Paris climate accord and has renewed its support for the coal industry. The decision to abandon the Paris agreement “led to China’s quick reaffirmation of its emissions-reduction pledge”, the report said.

“That allows it to further project itself globally as a responsible major power while addressing its domestic air pollution concerns and building world-leading capacity in new energy markets.”

Co-author of the report and director of IEEFA, Tim Buckley, said China was setting itself up as a global technology leader “whilst the US government looks the other way.

The report also found China was “out manoeuvring other economies” in securing energy commodity supplies such as lithium, nickel and cobalt, allowing them to dominate manufacturing of batteries and electric vehicles.

More: https://www.theguardian.com/environment/2018/jan/10/china-on-track-to-lead-in-renewables-as-us-retreats-report-says

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