China Drives a New Turn of Global Renewable Energy Boom
hits 175 billion dollars for the first three quarters of this year. The number means a 16% and $25 billion increase over the same period of last year, a bounce back after two years’ decline. The increase is mostly attributes to China who spent $15 billion more on clean energy than last year. For the third quarter only, China invests $20 billion, compared with the global investment of $55 billion, and $12.2 billion of it goes to the solar energy market, increased from the last year’s $7.5 billion. China has become the largest solar energy market in the world with 14 gigawatts of solar capacity, 1/3 of the world total. Japan is the second largest market that increased its investment by 17% and US also rises from $5.7 billion to $7.3 billion. The bad news is the Europe’s decline in solar energy investment, dropping to $8.3 billion, lowest in the 8 years. However, it is worried that China will face the same decline after short period because the current boom is derived from the government’s subsidies which might be reduced due to the weak economic growth.