Rapid economic growth over the last few decades in China has resulted in hazardous air, water and soil pollution in the country and eventually a surge in the incidence of heart diseases like congestive heart failure and lung diseases such as asthma and chronic obstructive pulmonary as well as climate change. Thus, the Chinese government has resorted to clean technology solutions, including renewable energy (especially solar and wind power) for electricity generation, electric vehicles for green transportation, and prohibition of the use of toxic substances.
According to a report by Bloomberg New Energy Finance, total new investment by China in clean energy technology totaled $132.6 billion, up 24% year-over-year, and set a new all-time high in 2017. Chinese investment in clean energy technology accounted for almost 40% of the world’s total, which amounted to $333.5 billion in 2017, increasing 3% on a yearly basis.
Owing to strong support by the Chinese government through feed-in tariffs and other favorable policies, China has become the bellwether in solar energy in terms of capacity installed. By year-end 2017, China had installed capacity of 130 gigawatts (GW). China is also the world’s leader in wind power. In 2016, the country added 19.3 GW of wind power generating capacity, bringing the cumulative total to 149 GW.
Regarding electric vehicles, China produced 680,000 all-electric cars, buses and trucks in 2017, more than the rest of the world combined. China plans to have 2 million all-electric and gasoline-electric hybrid vehicles running on the road by 2020. To support and encourage drivers to swift to green transportation, China plans to have 500,000 public charging piles in place by the end of 2020.
Clean Technology Market Opportunities