China is cementing its global dominance of renewable energy and supporting technologies, aggressively investing in them both at home and around the globe, leaving countries including the US, UK and Australia at risk of missing the growing market.
A report by the Institute for Energy Economics and Financial Analysis (Ieefa) found China’s dominance in renewables is rapidly spreading overseas, with the country accelerating its foreign investment in renewable energy and supporting technologies.
Analysing Chinese foreign investments over US$1bn, Ieefa found 13 in 2016, worth a combined $32bn. That represented a 60% jump over similar investments in 2015.
China was already widely recognised as the largest investor in domestic renewable energy, investing $102bn in 2015, according to Bloomberg New Energy Finance – more than twice that invested domestically by the US and about five times that of the UK.
The big foreign investments in 2016 included two in Australia, two in Germany and two in Brazil, as well as deals in Chile, Indonesia, Egypt, Pakistan and Vietnam.
The report noted the global expansion cements China’s total domination of renewable energy growth globally. China now owned:
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