Renewable energy is gaining popularity in China. China's investment in solar, wind and other clean energy technologies surged from $8billion in 2005 to $103billion in 2015. China currently invests more money to develop renewable energy than the United States and Europe combined.
According to the report on September 13 on the website of new scientist, most of these investments are domestic, but China is now focusing on selling its own green technologies to other countries. While pursuing the "us first" strategy and praising "beautiful clean coal", China is looking for ways to work with other countries to cope with climate change.
It is reported that China is very suitable to take the lead in promoting the development of clean energy. Its manufacturing strength means that it can produce millions of cheap solar panels and tens of thousands of wind turbines every year. At present, five of the world's six largest solar panel manufacturers are in China. Half of the top ten wind turbine manufacturers are in China. Greenpeace estimates that China can install at least one wind turbine per hour.
According to the report, such capability enables Chinese enterprises to turn their attention to the international energy market in recent years. According to the World Resources Institute, from 2002 to 2012, China invested in at least 124 solar and wind energy projects in 33 countries. Since the announcement of the "the Belt and Road" initiative in 2013, the development of renewable energy projects has accelerated in the countries participating in the initiative.
It is reported that China is also focusing on connecting green energy transmission networks with neighboring countries. Last year, it launched talks with Russia, Japan and South Korea to discuss the establishment of a super large clean energy grid. This will allow the four countries to share their solar, wind and hydro energy, and balance each other's clean energy supply when there is no sun or wind.
Matianjie of China Dialogue, an independent environmental non-governmental organization based in Beijing, said: "over the past 10 years, the Chinese government has given strategic importance to investment in clean energy because it believes that this is the next industrial revolution - a revolution that it wants to play a leading role."
The Institute of energy economics and financial analysis in Sydney, Australia, agrees. "China wants to dominate future industries, while the US and Australian governments want to dominate past industries," he said
China's clean energy sector will eventually beat its fossil fuel competitors for several reasons.