China out-spends US on smart grids

China spent US$4.3 billion on energy-efficient smart grids in 2013, more than the US for the first time, Bloomberg reported, citing data released on Tuesday by Bloomberg New Energy Finance. Global spending rose almost 5% to US$14.9 billion from 2012 to 2013, while North American investment declined as much as 33% to US$3.6 billion. China, accounting for almost a third of the world’s total investment, has installed almost 250 million “smart meters” that enable customers and utilities to monitor energy use and create efficienicies in power grids.