Energy sector analysts hailed China’s green energy spending, saying it would be devastating for the domestic and global environment if China were to fully industrialize without green energy – as the US and the UK did.
China ousted the US to become the number one spender in green energy in 2009, according to the Pew Charitable Trusts.
By current estimates, China is spending US$12 million a minute on some aspect of renewable energy, with solar energy leading the charge, said Ed Lay of Emeritus International Group, an investment advisory firm that’s involved in the solar energy and battery technology market.
Lay and Wai-Keung Tang, also of Emeritus, believe one of the biggest concerns of the Chinese government is pollution.
International Business Times reports developing green energy could be another way that China is hedging against the threat of energy supply shocks.