After surpassing the U.S. to become the largest greenhouse gas emitter on the planet for well over a decade, China is working hard to expand its renewable energy capacity. Even though China still produces more emissions than any other country, Beijing’s massive investments in green energy have made the East Asian country a powerhouse in the nascent green energy industry.
The National Development and Reform Commission (NDRC) recently announced that China would invest in major green energy projects to create massive renewable energy bases that use both wind and solar farms to generate clean energy on a large scale. This marks Beijing’s latest thrust into renewable energy and builds on the country’s recent history of advancing clean energy projects.
China currently holds a monopoly on the global supply of photovoltaic solar panels and essentially controls most of the world’s electric vehicle battery supply chain as well. Furthermore, a decade-long subsidy program has enabled China’s carmakers to develop affordable electric cars cheaply, allowing them to outcompete Western carmakers on their turf.
According to green energy experts, China’s dominance in the burgeoning sector has been in the making for quite a while. Several decades ago, Georgetown University’s director of the Science, Technology, and International Affairs program Joanna Lewis says, Chinese leaders identified multiple renewable energy industries that they wanted to invest in as part of a long-term plan to position China as a global leader.
Once these sectors were identified, the Chinese government began a decades-long strategy that involved passing policies that enabled the deployment of renewable energy domestically. Furthermore, these policies were designed to help China develop the industrial capacity to manufacture green energy infrastructure within the country instead of importing it.
The culmination of all these efforts has been nothing short of amazing. China’s expansive network of green energy infrastructure is second to none in the entire world and Beijing now plays a critical role in various green energy supply chains. The country is doubling down on renewable energy and plans to expand its already massive green energy industry to help it lower its greenhouse gas emissions and achieve carbon neutrality.
Beijing announced in 2020 that it would hit peak carbon emissions by the end of the decade and achieve carbon neutrality by 2060. In the years since, China has achieved its goal of doubling domestic green energy capacity six years ahead of schedule and now attracts most of the world’s green energy investment.
As China’s installed renewables capacity continues to soar, other technologies, such as electric vehicles from manufacturers like Mullen Automotive Inc. (NASDAQ: MULN), will compound to accelerate the reversal of climate change drivers, especially in the transportation sector.
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