China is solidifying its place and global dominance of renewable energy and supporting technologies, aggressively investing in both home and around the world as reported by The Guardian. China is leaving countries behind that include the United States, United Kingdom and Australia and putting them at risk of missing the worldwide market.
A report by the Institute of Energy Economics and Financial Analysis found China’s dominance in renewables is fast spreading overseas, with the country advancing its foreign investment in renewable energy and supporting technologies.
The institute reported that China has foreign investments of over US$1 billion and 13 investments last year, amounting to a combined worth of $32 billion. It represented a 60% rise in investments as compared to 2015.
The country is already recognised as the largest investor in domestic renewable energy, investing $102 billion in 2015 as reported by Bloomberg New Energy Finance, which is more than twice invested domestically in the United States and 5 times that of the United Kingdom.
China’s biggest foreign investments in 2016 included in 2 in Australia, 2 in Germany and 2 in Brazil as well as deals in Chile, Egypt, Indonesia, Pakistan and Vietnam
Featured Image Credit: Thomas Depenbusch