China exceeds US on energy-efficiency spending for first time

China’s energy efficiency investments account for almost a third of the world’s total spending, reaching US$4.3 billion and exceeding the United States for the first time, Bloomberg has reported.

China has installed about 250 million smart meters, compared to Europe which only has 55 million now, according to a data released by Bloomberg New Energy Finance. It also showed that North American investment declined as much as 33 per cent to $3.6 billion.

The report also found that global spending on automation of power distribution lines, aimed at fixing faults on the grid, rose to $5.4 billion, up from $4.4 billion in 2012. The increase is partly attributed to the growth renewable-driven power sources.

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