China On Top Again in Clean Energy Investment: Bloomberg

Posted by on Jan 17, 2015 in Blog | 0 comments

Many foreigners, especially Americans, mock China for its atrocious air pollution but few realize the extent to which the government and Chinese companies are investing in clean energy solutions.  Here is a synopsis:

China kept the crown for global clean energy investment in 2014, particularly solar and wind.   The Bloomberg New Energy Finance report said the country’s investment in clean energy last year hit a record US$89.5 billion, a 32% jump over 2013 and accounting for about 28.9% of the world’s total. Investment worldwide totaled US$310 billion, up 16%, driven by surges in investment in solar energy in China and the United States, and offshore wind energy in Europe.

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In 2013, China generated more than 5.4 TWh (1000 GWh) of electricity, about 1.1 TWh more than the US (or as much as the US and India combined). China’s investment in hydroelectric, wind, solar and nuclear power capacity increased by 40% between 2008 and 2012, from 138 billion RMB (US$22 billion) to around 200 billion RMB. Hydroelectricity accounts for the vast majority of power generated through renewables that now reaches 9.6% of all energy used in China, up from 5.6% in 2000 and on track to reach 20% by 2020.

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In 2013, China added 16.1 GW to total 91.4 GW of installed wind power capacity, cumulatively growing by 21% – well on track to reach and surpass the 100 GW wind power target by 2015. Citigroup estimated China’s super windy provinces – Hebei, Gansu, Xinjiang, Jiangsu, Jilin, and Inner Mongolia – could easily install 131 GW of capacity by the end of the decade while a government plan looks to installing 200 GW.

Meanwhile, solar power stood at 19.4 GW with almost 13 GW added in 2013 itself. With such an aggressive installation pace, China stands an excellent chance of installing 35 GW solar power capacity by the end of the year. China is also upgrading its power grid to accommodate power fluctuations and distributed generation for intermittent sources.

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– China Daily/Asia News Network:  http://news.asiaone.com/news/business/china-retains-global-top-spot-clean-energy-investment