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China Scores Top in Move to Green Energy, Climate Group Says 2022-09-28
China Scores Top in Move to Green Energy, Climate Group Says
China is one of the countries that are making the biggest efforts to shift to renewable energy, according to a British not-for-profit organization.
China is one of the five countries that scored A in the ranking, above others such as the United States, Canada, and Australia, per a recent report published by the Climate Group. The London-based organization rated G20 countries based on the pace of deployment, corporate procurement, and investment opportunities in fields including hydropower, solar energy, and biopower.
The world's second-largest economy is No. 1 in terms of installed renewable energy capacity with over one terawatt, enough to power all of Europe, or India twice over, according to the report. Last year, China installed 124 gigawatts of green energy, accounting for 43 percent of the global total. Low-emission energy has become mainstream as nearly 69 percent of added capacity in the country is renewable.
However, Chinese corporations still have barriers to going green due to limited availability and regulatory hurdles, Hui Yuming, executive director of the Climate Group China said to Yicai Global. The country should explore more sophisticated power purchase agreement models to boost investor confidence, Hui added.
Still, the nation has made progress as China's carbon emission intensity has dropped by 34 percent in the past decade as the proportion of coal in primary energy consumption, a measure of demand, has declined to 56 percent from almost 69 percent.
However, the Asian country still depends on fossil fuels, said Hui. China needs to form synergies between supply, demand, and innovative technologies in order to reach its goal of peaked carbon dioxide emissions by 2030 on its way to carbon neutrality by 2060.
Suppliers need to make disruptive efforts to convert the coal-dominated energy mix to a clean energy-dominated one and to improve efficiency, the executive director said. On the demand side, China needs to push industrial transformation, and replace coal, oil, and gas with green electricity in the production of raw materials such as steel, cement, and chemical products. Those sectors that may have a hard time transforming need technological innovation, such as carbon capture and storage, Hui added.
Investing in renewables serves multiple purposes as it contributes to economic growth, energy security, low-carbon transformation, and green employment, Hui said. The sector has created 4.7 million jobs in China, making up 39 percent of the global total in the renewable energy business, according to a report published by the International Renewable Energy Agency on Sept. 22.
Source: Yicai
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