Renewables

China powers up $360bn renewable energy future

24th May 2017
Lanna Cooper

We’ve all seen the images from Beijing, millions of residents chocking on dirty yellow smog. It’s the result of China’s dependency on coal as a primary fuel - something the current government plans to attack in a bold energy initiative focussed on solar, wind and other renewable sources.

The goal is to curb greenhouse gases, a plan that will create 13 million jobs and pump $350bn into China’s economy between now and 2020 according to the New York Times.

It’s a move that plays to China’s strengths as an industrial powerhouse. China has already helped spur the renewable sector by aggressively driving down manufacturing costs for wind and solar manufacturing. As a result, these renewable energy sources are becoming increasingly competitive with power generation from fossil fuels like coal and natural gas.

By moving away from a focus on reducing carbon emissions the United States risks turning over the lead in the renewable sector to China.

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