China is Poised to be the New Leader in Renewable Energy

China continues to be an unstoppable force in the area of renewable energy. A report released by the Institute for Energy Economics and Financial Analysis (IEEFA) delves deep into the country’s efforts to lead the world in laying an international foundation for renewable energy generation.

The report states the following, among others:

• Chinese solar cell manufacturers account for approximately 60% of global solar cell output, with its leadership in this segment strengthening in 2017;
• Major Chinese wind energy companies, including the world’s largest wind power developer, continued to expand overseas.
• Large Chinese hydro power firms continued to win contracts for building major hydro projects worldwide, with particular focus on Latin America, Africa and Asia.
• State Grid Corporation, the world’s largest power utility, persistently leads international investment in power grids.

While the commitment to renewables such as hydro, wind, solar, bioenergy and others is impressive, China has not completely divested from its ties to fossil fuels, especially coal. The country still relies on coal to meet the bulk of its massive energy needs. Nonetheless, experts from the International Energy Agency (IEA) are projecting that China’s reliance on coal will decline to less than 40% of the energy mix in 2040 from about two-thirds today, as investments in renewable energy projects around the world will continue to grow.