China remains leading investor in alternative energy
June 12, 2014 Category Alternative energy, Environment
China remained the leading investor in renewable energy in 2013, even as global investment fell sharply, according to the Global Status Report by the Renewable Energy Policy Network for the 21st Century. China invested more in renewable energy than all of Europe did in 2013. Although the renewables sector continues to offer huge growth potential in China, it also faces some constraints like overcapacity. New investment in renewables fell for the second consecutive year globally in 2013, partly because of uncertainties over incentives in Europe and the United States, as well as sharp reductions in technology costs. Investment from developed countries fell to the lowest level in four years, with Europe’s investment in renewables falling by 44% in 2013 compared to 2012. China’s new investment in renewable energy was USD56.3 billion in 2013, accounting for 61% of developing-country investment in renewables. Lin Boqiang, Director of the China Center for Energy Economics Research at Xiamen University, said growth was further depressed by the economic slowdown in developed countries and the rapid growth of the previous years. Ten years ago, most of the deployment and manufacturing of renewable energy occurred in Europe, the U.S. and Japan. Since then, markets, manufacturing and investment have shifted to other regions, said the report. “China has become the world leader in renewable manufacturing and installed capacity, having increased investment in the sector nearly every year for the past decade,” it said.
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