Renewable energy is viewed as a viable solution to many problems we face today. Natural disasters associated with climate change, achieving energy independence and sustaining economic growth are among the critical issues we have to deal with, in particular by governments around the globe. Since a few years ago, renewable energy has attracted much more attention after being characterized as an innovative approach to address the above-mentioned problems by policymakers and scientists alike.
Developing countries, led by China, are at the forefront in making sizable investments in renewable power generation. For example, China now holds more than half of the world’s solar energy capacity after adding 53 gigawatts (GW) in 2017 with a total investment of $86.5 billion, representing a spike of 58% YoY. With a total of 130 gigawatts currently, China has more solar energy capacity than any country in the world. In aggregate, China invested a record $126.6 billion in all renewables in 2017, up 31% over 2016. Moreover, total green energy investments poured in by China in 2017 accounted for 45% of the world’s total, the Global Trends in Renewable Energy Investment 2018 report showed.
The promotion of renewable energy in China is vital to achieve its national goals of strengthening energy security, cutting down emissions from consuming coal and other fossil fuels like crude oil to fight climate change, and improving air pollution to reduce the incidence of respiratory diseases like asthma and pneumonia.
Blackrock to Start Offering Investment Advisory Services in China