RES race, China versus the remainder of the world

China is simply a planet leader In investments in renewable energy. China's yearly investments in wind and solar energy outweigh the global aggregate investments. According to the Rystad Energy report, a Norwegian think tank dealing with energy, China's advantage will decrease as another countries intensify their RES spending.

Rystad Energy predicts that the investment gap between China and another large economies will decrease by the end of this year and "may completely vanish by 2027". The United States, the European Union and India are expanding their commitment to renewable energy supply chains by responding to the "competitive pressure" resulting from China's dominance.

Only in 2023 did China spend $391 billion on wind and solar energy, while the remainder of the planet spent a full of $366 billion.

Rystad Energy analyses show that the scale of Chinese investments in clean technologies has a major impact on global energy transformation. For respective years, a simple relation has been seen – as China increases its investments in clean technologies, the remainder of the planet follows them in a short time. Think Tank experts foretell that from 2028 the remainder of the planet will spend a full of $560 billion on renewable energy sources, and China will spend $509 billion at the same time.

In turn, the Australian think thank Climate Energy Finance (CEF) indicates that Chinese companies have besides been planet leaders in direct abroad investment in clean technologies since last year. Chinese investments in east Europe, Africa and Central Asia have "significantly surpassed" those carried out by Western companies.

According to CEF, from January 2023 to September this year Chinese companies allocated over $100 billion to abroad direct investment in the sector. This size consists of at least 130 large projects in different seWho, from wind, solar, water to power grids.

The Global South countries see Chinese investments in clean technologies as "particularly valuable" due to the fact that they can accelerate the green transition of these regions. In this category, according to the CEF report, it is not expected that China will be taken from leadership by developed countries.

The global Energy Agency is forecasting that global renewable energy will increase 2.7 times between 2022 and 2030, with China liable for 60% of this growth. In May this year, clean energy sources generated 44% of full electricity in China (including 23% from solar and wind energy), which led to a decrease in carbon-based energy share to a "recordably low" level of 53%.

However, the fast increase in clean energy production puts considerable force on the national transmission network, which is already having difficulty absorbing solar and wind energy.

Based on:

• ristadenergy.com;
• climateenergyfinance.org;
• iea.org;Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 Chinae-mail: [email protected]
  

  

  Editorial: Leszek B.

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