China is the world’s biggest emitter of greenhouse gases and still invests in coal but in recent years it has become the largest investor in domestic renewable energy.
The country is now on track to lead international investment in the sector, according to the report by the Institute for Energy Economics and Financial Analysis (IEEFA), The Guardian reports.
“As the global transition toward renewables gains pace and as battery storage and electric vehicles technologies pick up momentum, China is setting itself up to dominate these sectors globally over the next several decades of this century,” said IEEFA.
IEEFA identified a record high spend of more than US$44bn by China on international takeovers and projects worth more than $1bn – a 38% year-on-year growth.
China’s One Belt One Road agenda, which drives infrastructure investment along ancient trade routes, is leading the country’s growth. $8bn of solar equipment has been exported from China since it began, and the country has overtaken the US and Germany to become the number one exporter of environmental goods and services.