China Set for Renewable Energy Boom
By Imelda Abano
China could soon be experiencing an energy boom as its energy consumption increases at a time when it needs to meet greenhouse gas reduction targets, said a new report issued by Asia Pacific-focused consultancy firm Solidiance.
In its study entitled, “China Renewable Energy” released this week, it said that there are three key drivers behind the continued interest in renewable energy in China: its increasing demand for electricity; reduction in use of coal for energy production; and in cutting its carbon emissions.
The country’s demand for energy as well as its capabilities and capacity for energy production are now positioning China to seize the opportunity to take the lead in the development of sustainable energy technologies, so as to further cement its position as an international leader in renewable energies.
While renewable energies are vital to China’s continued sustainable growth, the study said that there are a number of challenges that must first be addressed in key sectors such as hydro power, wind power, solar and biofuels.
China’s investment in renewables has grown around 80 per cent per annum since 2004, indicating that the country is committed to be global leaders in developing renewable energies and to building a sustainable support structure for the continued growth and development of its national economy, the study said.
The study further said that China’s reliance on coal and peat makes it the world’s highest emitter of greenhouse gasses. Overtaking the USA in 2007, China was responsible for emitting more than 8300 million metric tons of carbon dioxide in 2010: nearly 3000 million metric tons more than the USA and more than 6500 million metric tons compared to India.
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