M&A activity in the first…
Given Italy’s rising gas dependence…
A new report by the Climate Commission of Australia, has admitted that whilst China remains the world’s largest polluting nation, it also leads the fight against climate change.
In fact China has made such efforts to reduce its emissions, and reduce growth in electricity demand, that it is far ahead of any targets it set itself, and is likely to curb its carbon emissions far sooner than expected.
The report states that China has become the “world’s renewable energy powerhouse,” due to a series of policies and plans that have encouraged renewable energy growth. In 2012, for the third year in a row it claimed the title of the world largest clean energy producer, with a massive 23 gigawatts of clean energy capacity.
Related article: Clean Economy Doesn’t Mean Cleaner World
Between 2055 and 2012 China increased its wind generation capacity by nearly 50 times, adding an extra 36 percent in 2012 alone. China’s solar sector is also growing, increasing by 75% in 2012, and it is predicted to grow by a further 300 percent to over 21GW by 2015.
China’s clean energy budget is unmatched by any other nation on earth and at $65.1 billion in 2012, was 20% more than in 2011.
China and the US are the two largest economies, and the two largest investors in clean energy. The Climate Commission said that “increasing action from the global energy giants can re-energize the global effort to tackle climate change. While China and the U.S. cannot solve the problem alone, they are acting as significant drivers of change.”
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com