China: $1.36 Trillion for Green Energy

by | 1. Feb 2023 - 16:57 | Economy

China invested $1.36 trillion in the expansion of its sustainable energy sector last year, Global Times reports, citing calculations by consulting firm CINNO Research. Nearly 40 percent of the investment went to wind power and photovoltaics, it said. According to CINNO, this development will continue in the next three to five years and become an important stimulus for Chinese economic growth. In terms of expansion, China can draw on the full potential of its numerous mineral resources, such as rare earths, which are needed to manufacture wind power generators or electric cars.

The Asian country leads the ranking of investments in the energy transition, followed by the USA. By 2025, one-third of its electricity is to be provided by sustainable forms of energy, according to the government’s plan. Unlike other countries, however, China does not want to achieve climate neutrality until 2060; until then, coal-fired power generation will continue to account for a large share of the electricity mix.

Photo: iStock/j-shep

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