The Institute for Energy Economics and Financial Analysis (IEEFA) has published a report focusing on China’s efforts to form the international basis for the future of renewable energy.
The report states that in 2017, China’s total investment in clean energy was more than 44 billion dollars. The amount has increased significantly compared to the indicators of 2016 – by $ 32 billion.
For several decades, China experienced significant industrial growth, which led to increased levels of environmental pollution. The country is still dependent on fossil fuels, in particular coal, to meet its huge energy needs.
Today, the PRC is rapidly expanding its energy activities beyond fossil fuels, thanks to the development of a variety of renewable energy sources, such as hydro, wind, solar, bioenergy and others. Also, China closed about 40% of its plants, which did not comply with the required norms of CO2 emissions into the atmosphere.
Experts of the International Energy Agency predict that China’s dependence on coal will continue to decline, and the country’s investment in international projects towards renewable energy will grow.
It is worth noting that now Celestial Empire managed to significantly reduce the amount of coal consumed, replacing it by more environmentally friendly natural gas, which helps to heat large areas in the northern provinces of the country. At the same time, China buys a significant part of the “blue fuel” from its strategic partner in the energy sector – Turkmenistan.