Nearly $360 Billion is expected to be spent by China in its renewable energy sector by 2020. The investment is planned in order to create jobs and improve the declining air quality across various parts of the country.
China intends to make this investment in renewable power sources including wind and solar. The National Energy Administration of the country has drawn a blueprint to improve its position in the renewable energy market. This comes at a time when the US is preparing for a presidential transition. Industry experts believe that the move would create over 13 million jobs in China’s renewable energy industry over 2020 and check emission levels of greenhouse gases in the country. Almost a decade ago China crossed the US to become the world’s highest emitter of greenhouse gases and now has doubled those figures. Over the course of time, China’s oil and coal industries flourished under strong political patronage, resulting in an immense pollution build up in the country.
However, ignoring the climatic degradation fact, the country announced the move as a step towards capturing the top position of the global renewable energy market. As Chinese companies take control of the massive domestic market, they take a leap towards becoming global leaders. Unfortunately, China’s cost of the wind and solar energy production is almost similar to that of other energy industry including fossil fuels such as natural gas and coal
The US president-elect Donald Trump is a non-believer of global warming and has shown his disregard to President Obama’s norms to cut carbon emissions by picking Scott Pruitt, as the chief of Environmental Protection Agency. The investment structure designed by China coupled with a global warming skeptic Trump taking charge of the white house indicates that jobs that could have been created in the US may well go to China. Some experts also believe that it is likely that China will reach its market goals for solar installation prior to the projected time. Despite achieving a considerable amount of success, China is further pushing for cutting down on its greenhouse gases emission.
Summary: China’s takes a leap in renewable energy sector