China is outcompeting both the US and Europe in the race to create low-carbon energy technology, said UN Framework Convention on Climate Change head Christiana Figueres, Bloomberg reported. "China is going to leave all of us in the dust," she said at a panel discussion in Davos, Switzerland. "They’re committed to winning the green economy race." China increased its low-carbon energy spending last year by 30% to US$51.1 billion, the most for any nation. "You can leapfrog – you don’t have to follow the model of the north. China is showing this," Figueres said. However, China’s low-energy spending has faced problems of its own, including excess capacity in the wind sector and reliance on cheap state-directed financing for its solar panel giants.
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