China’s investments in renewable energy in 2009 exceeded those made by the United States for the first time, according to a report by the Pew Charitable Trusts.
With its investments growing 50 percent in 2009, China committed $34.6 billion to wind power, solar energy and other forms of renewable energy, making it the word’s biggest investor in such projects.
China invested nearly double the United States’ $18.6 billion, while the United Kingdom, which has a much smaller population, was the third-largest investor with $11.2 billion in 2009.
The study of investments by G-20 nations also found that China’s installed renewable energy capacity surged to 52.5 gigawatts, putting it just behind the United Ststes, which had 53.4 gigawatts of capacity in 2009.
“China is emerging as the world’s clean energy powerhouse,” wrote the report’s authors. “Having built a strong manufacturing base and export markets, China is working now to meet domestic demand by installing substantial new clean energy-generating capacity to meet ambitious renewable energy targets.”
Over the past six months alone, China has signed deals with American solar companies to build solar power plants that would generate 4,000 megawatts of electricity.
“There are reasons to be concerned about America’s competitive position in the clean energy marketplace,” the report said. “Relative to the size of its economy, the United States’ clean energy finance and investments lag behind many of its G-20 partners.”
In relative terms, for instance, Spain invested five times as much as the United States in renewable energy in 2009.
Globally, renewable energy investments remained healthy, despite a severe recession. The study found that investments declined only 6.6 percent in 2009 and have since rebounded. Investments in the oil and gas industry, by contrast, declined 19 percent last year.
The report, “Who’s Winning the Clean Energy Race? Growth, Competition and Opportunity in the World’s Largest Economies,” was based on data collected by Bloomberg New Energy Finance, a consulting and research company.
