China is poised to lead the global development and financing of clean energy after record investment in overseas projects and takeovers in 2017. China is by far the largest force in global clean energy development, and its organizations are progressively seeking relevant investment opportunities abroad.
While it is widely reported that China has been investing in coal assets abroad, there are new reports saying that the nation is also investing intensely in clean energy, energy efficiency and electric cars.
Despite the fact that China has been investing in coal projects around the globe, it has also become clear that renewables will be the dominant source of energy for many years to come.
China rushed to reaffirm its goal of emissions reduction after U.S. President Trump said about a year ago that the U.S. would withdraw from the Paris climate agreement.
Examples of China’s dominance on clean energy include: Chinese solar manufacturers in aggregate control around 60% of global solar cell production. Announcements about new manufacturing capacity were made more heavily weighted towards China in 2017 than in 2016.
Major Chinese wind power firms keep expanding, with China Energy Investment Corporation, Xinjiang Goldwind Science & Technology Co. Ltd. and China Three Gorges Corporation all making major wind power investments overseas.
China is protecting supplies of new energy materials such as lithium, nickel and rare earth minerals, and the nation’s miners are estimated to be in charge of 62% of the global supply of cobalt.
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