China is Leaving the US Behind on Clean Energy Investment
As 2017 begins, China is poised to leap ahead of the U.S. on clean energy to become the most important player in the global market. Last year, China increased its foreign investment in renewables by 60 percent to reach a record $32 billion, according to a new report from the Institute for Energy Economics and Financial Analysis. This includes 11 new overseas investment deals worth more than $1 billion each. China’s new Going Global strategy for renewable energy was an important instigator of its huge increase in foreign investment in 2016. This is part of a broader picture of overseas investment. Last year, China showed its regional strength by establishing the Asia Infrastructure & Investment Bank and pouring money into the BRICS’ New Development Bank, which made its first loans, all for renewable energy. Renewables on the Rise Looking at the entire economy, not just foreign investment, China regularly outspends the U.S. on renewable energy. It invested more th...