• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 4 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Breaking News:

Chicago Files Suit Against Big Oil

U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

China’s Growing Appetite For Renewables

The Chinese appetite for clean energy has boosted international investments in solar energy, according to a new report by Bloomberg.

Renewables and clean energy innovators won $333.5 billion in investments in 2017 – an increase of three percent from 2016 figures, Bloomberg New Energy Finance figures show. Half of it went to solar projects and 40 percent came from China.

Solar panels and wind turbines get cheaper by the day, thanks to Chinese mass manufacturing. 

“The 2017 total is all the more remarkable when you consider that capital costs for the leading technology – solar – continue to fall sharply,” said Jon Moore, CEO at BNEF told Bloomberg. “Typical utility-scale PV systems were about 25 percent cheaper per megawatt last year than they were two years earlier.”

The cheap parts make it easier for developing countries to become investors in solar and wind projects on their home turf. China itself saw investment in clean energy rise by 24 percent in 2016, making it the world’s biggest renewables market.

“China’s boom is still fundamentally irrational,” Jenny Chase at Bloomberg New Energy Finance said in a note. “The mechanism to collect the subsidies to be paid out has not been determined. However, it looks as if Chinese state-owned developers and investors will build them anyway on the assumption that the government will find a way and, if not, compensation for the power itself will prevent a total loss.”

American investments in renewables totaled $57 billion, putting it in second place worldwide.

At the same time, China is also importing increasing volumes of oil not only because of demand growth, but also because its domestic oil production is declining as large ageing fields mature and as companies cut production from higher-cost fields amid the lower-for-longer oil prices. Thus, Chinese dependence on crude oil imports is continuously rising and is set to further grow in the foreseeable future.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News