China is fortifying its worldwide dominance of renewable energy and supporting technologies, aggressively acquiring them both at home and abroad, leaving countries including the United States, the United Kingdom and Australia at risk of falling behind.
A written report by the Institute for Power Economics and Monetary Analysis (Ieefa) found China’s dominance in renewables is quickly spreading overseas, with the country speeding up its foreign investment in alternative energy and supporting technologies.
Analysing Chinese language foreign investments over US$1bn, Ieefa found 13 in 2016, really worth a combined $32bn. That displayed a 60% jump over comparable investments in 2015.
China was already broadly recognised as the largest investor within domestic renewable energy, investing $102bn within 2015, according to Bloomberg New Power Finance – more than twice that will be invested domestically by the US and about five times that of the UK .
The big foreign investments in 2016 included two in Australia, two within Germany plus two in Brazil, as well as offers in Chile, Indonesia, Egypt, Pakistan and Vietnam.
- In Australia, China Light & Strength struck a $1. 1bn offer, buying power from wind plus solar farms.
- In Chile, Tianqi Lithium invested $2. 5bn acquiring a 25% stake of a lithium miner plus processor. (Lithium is essential for li (symbol) batteries used in electric vehicles plus home battery storage. )
- In Germany, Beijing Corporations Holdings Ltd spend $1. 6bn on a Waste to Energy advancement.
The statement noted the global expansion cements China’ s total domination of alternative energy growth globally. China now owns:
- Five of the world’ s i9000 six largest solar-module manufacturing companies
- The biggest wind-turbine manufacturer
- The particular world’ s largest lithium ion producer
- The world’ t largest electricity utility
Tim Buckley, director of Ieefa and author of the report, stated the election of Donald Trump in the US and lack of supportive plan in Australia left those countries in danger of missing a huge opportunity.
“At the moment China is leaving everybody behind and has a real first-mover plus scale advantage, which will be exacerbated in the event that countries such as the US, UK plus Australia continue to apply the brake systems to clean energy,” he mentioned.
“The US has already been slipping well behind China within the race to secure a larger share from the booming clean energy market. With all the incoming administration talking up fossil fuel and gas, prospective domestic plan changes don’ t bode nicely,” Buckley said.
But because of the magnitude of possibilities in investment, technology and work opportunities opportunity expected in the future, he mentioned there was still time for some other countries to catch up.
“We are still in a fairly early stage of the transition, therefore the next couple of years will be defining when it comes to which countries gain the major pieces of the market,” Buckley mentioned.