China is planning to invest $400-$600 billion in renewable energy over by 2020. Moving forward, China is showing signs that they will eventually put faith into renewable energy. However, for now there is talk that they will still be heavily dependent on coal for about 70% of it’s energy needs–remaining the world’s largest CO2 emitter.
The Chinese government spent $45 billion in 2009 on the energy grid, and other large business also made handsome contributions. China is the world leader in the production of wind turbines and solar panels, and are also making a push in the nuclear and ‘clean’ coal markets. China appears to be making an assertive play to become the leading provider of cleaner energy to the world. They predict that by 2020 their energy use will consist of 8 % wind, solar and biomass, 66 % still represented by coal, and the rest made up of nuclear and hydropower. Slow progress, but progress nonetheless.
Obama is petitioning to congress to increase the US presence in the green energy industry, saying, “I do not accept a future where the jobs and industries of tomorrow take root beyond our borders — and I know you don’t either,”. Should be interesting to see how the Chinese market trends impact the world markets.
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