PanArmenian.Net
09 Jan 2017, 18:03 GMT+10
PanARMENIAN.Net - China's overseas investment in renewable energy projects jumped last year by 60 percent to a record $32 billion (30 billion euros), marking its leadership in the global market for clean energy, a report said, according to AFP.
In 2016, China finalised 11 foreign deals worth more than a billion dollars each, and is expected to pick up the pace this year, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
China announced recently that it would sink at least $361 billion into renewables by 2020, key to the country's transition away from polluting coal power.
"Renewable energy will be the pillar for China's energy structure transition," said Li Yangzhe, deputy head of the National Energy Administration, the official Xinhua news agency reported.
Overseas investments last year ranged from lithium battery makers in Australia and Chile to an electricity distribution deal in Brazil and the building of a solar cell factory in Vietnam.
China now owns five of the six largest solar module manufacturing firms in the world, according to the report.
On the domestic front, the world's second largest economy had already emerged as a renewables powerhouse, outstripping the United States.
China poured more than $100 billion in domestic renewable energy -- wind, solar, hydro -- and related sectors in 2015, more than double the US investment, according Bloomberg New Energy Finance.
"The US is already slipping well behind China in the race to secure a larger share of the booming clean energy market," said IEEFA director Tim Buckley.
"With the incoming (US) administration talking up coal and gas, prospective domestic policy changes don't bode well," he said in a statement.Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationNEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
(250702) -- TOKYO, July 2, 2025 (Xinhua) -- Participants pose for a group photo before the opening ceremony of the 2025 Trilateral...