Whether it is spending on wind turbines, high-speed rail, or solar panels it is estimated that China is investing roughly US$12 million every hour in clean energy.
Home to the world’s largest population and an energy demand that hasdoubled in the past decade, China’s financing is motivated out ofimmediate necessity rather than a response to climate change. Cheng Li, director fo the National Committee on U.S.-China Relations at theBrookings Institution, says the country is dealing with scarcity ofresources and trying to find a better way to survive.
There is more to the equation than just survival, though. Byspending an estimated ten times the amount the United States does onclean energy, it is apparent that China sees the immense business opportunity in the evolving renewable energy and cleantech industries.
Peggy Liu, chair of the Joint U.S.-China Collaboration on Energy,highlights China’s new economic vision: "China is rapidly changing fromthe factory of the world to the clean tech laboratory fo the world. Thething they are really beating the U.S. on is not the manufacturing ofthese parts, but the mentality of how we’re tackling this issue."
Read the full story at ABC News: China Goes Green, Focusing on Energy Technology and Transportation