Green, Government - China Set To Lead In Renewables As US Retreats
China is still the world's big emitter of greenhouse gasses, but it is moving towards becoming a global leader in renewable technology as the US pulls away.
"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," says the new report by the Institute for Energy Economics and Financial Analysis (IEEFA).
China is investing US$44 Billion on international takeovers and projects in the renewable sector. It has already exported more than $8 Billion in solar equipment in its current plan, overtaking the US and Germany to become the number one exporter of environmental goods and services.
Beijing's dive into renewable energy's deep end came because the US gave it the opening. Donald Trump pulled the US out of the Paris Climate Accord, leading to "China's quick reaffirmation of its emissions-reduction pledge" according to the IEEFA. "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."