China most attractive renewable energy market
October 17, 2017 Category China News Round-up, Weekly
China continues to be the world’s most attractive market for renewable energy development and investment, according to a new study by London-based financial services firm EY. The Renewable Energy Country Attractiveness Index – which is compiled twice a year by EY – highlighted the large quantities of public and private funds pouring into renewable power projects in China, as well as several energy-efficiency policies. The United States remains in third place behind Germany, while the UK ranks 10th among 40 economies.
Earlier this year, China’s National Energy Administration (NEA) announced it would spend USD363 billion by 2020 on developing renewable power capacity. The investment will see renewables account for half of all new generated capacity and create 13 million jobs. Solar capacity in China rose by 21 gigawatt (GW) during the past six months, and the government has set new targets to cancel or defer 106 GW of coal power. “The index highlights that government policy is pivotal in driving renewable energy development globally,” said Ben Warren, corporate finance leader for global power and utilities at EY.
Broken down by sector, China topped the EY rankings for both onshore wind and solar power. EY declared the UK to be the most attractive economy for offshore wind investment, followed by China and Germany. The 50th issue of the EY listing includes projections that new wind and solar power will account for 34% of global electricity generation by 2040. In 2015, China contributed 36% of the global total for new investment in renewable power and fuels, according to the UN Environment Program. China accounted for more than 40% of capacity growth in global renewable energy in 2016, the China Daily reports.
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