It’s official. We’ve seen that China leads the world on wind turbine installations and wind and solar manufacturing, and now a study by The Pew Charitable Trusts finds China is winning the ‘clean tech race’, such as it is.
In fact, it leads by quite a long way, as the chart shows:
The study’s authors write:
For the first time, China took the top spot for overall clean energy finance and investment
in 2009, pushing the United States into second place. Having built a strong manufacturing base
and export markets, China is working now to meet domestic demand by installing substantial new clean energy-generating capacity to meet ambitious renewable energy targets.
The Pew study also looks at financing, and says the US still leads in venture capital and private equity. But this is the smallest of the three main types of financing – asset financing dominates, it says, with more than 80 per cent of clean energy investment, and China leads in that arena.
And where is the money going? Wind is most popular:
Which is unsurprising, given it is the renewable energy source that is closest to competing on cost with fossil fuels.
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The renewables race: The winner is (possibly) China! (FT Energy Source)