Will China Dominate The Future of Clean Energy?
Energy Boom
If the rapid expansion of its wind and solar industries are anyindication, China’s global dominance may be a foregone conclusion. Last year, China leapfrogged past its competitors to become thenumber one producer of wind turbines in the world. It already held theposition of being the world’s largest manufacturer of solar panels. What’s more, both industries are set to greater expansion.
In his State of the Union addresslast week, President Obama highlighted the fact that America must rampup its efforts to generate a clean energy economy, otherwise it willfall completely behind China and other nations.
There are numerous factors which play into China’s meteoric rise inclean energy technologies. None is more important than the factChina’s energy demand is rising 15% per year, a rate that is notmatched by the U.S. According to the International Energy Agency, inorder for China to meet this new demand, it will need to integratealmost nine times as much electricity into the grid in the next decadethan the United States. As a result, China’s market for powerequipment dwarfs the U.S. market, and any other market in the world forthat matter.
So, what does China’s burgeoning clean energy economy mean for theUnited States and the rest of the world? Start stimulating growthquickly, otherwise energy dependence may just shift from Middle Easternoil to Chinese cleantech products.
Read the full story at the New York Times: China is Leading the Race to Make Renewable Energy
Original Article on EnergyBoom
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