China is claiming global dominance in renewable energies
China is on a ruthless path to global dominance in the world of renewable energies. As the industry becomes more and more important to the global economy, so do the opportunities presented by it, something
China is determined to capitalize on. China’s investment into the industry and the technologies which support it leaves a number of the Western superpowers at risk of missing out on a lucrative growing market.
However, it is not just nationally in which China is investing heavily, they are also seizing the opportunities of FDI on a global scale.
Analyzing Chinese foreign investments over US$1bn, Ieefa found 13 in 2016, worth a combined $32bn. That represented a 60% jump over similar investments in 2015. China was already widely recognized as the
largest investor in domestic renewable energy, investing $102bn in 2015, according to Bloomberg New Energy Finance – more than twice that invested domestically by the US and about five times that of the UK.
The report noted the global expansion cements China’s total domination of renewable energy growth globally. China now owned:
• Five of the world’s six largest solar-module manufacturing firms
• The largest wind-turbine manufacturer
• The world’s largest lithium ion manufacturer
• The world’s largest electricity utility
Due to domestic issues such as lack of motivation, anti-climate movements and under-budgeting, the West faces a real possibly of being left in their wake by China. But because of the magnitude of opportunities
in investment, technology and jobs opportunity expected in the future, there is still time for other countries to catch up.
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