China is home to 49% of the world’s “clean industrial plants” thanks to massive investments in energy transition projects, solidifying its position as the biggest investor in wind, solar, batteries, and other alternative energy sources.
According to a report by decarbonization outlet the Mission Possible Partnership, China accounted for $45 billion in energy transition investments this year. The number of “clean industrial plants: above includes both facilities already in operation and facilities under construction, Reuters noted in a report on the news.
The Mission Possible Partnership tracks decarbonization in so-called hard-to-abate sectors of the global economy, including cement, steel, aviation fuel, methanol, and aluminum production. According to its report, this year saw a record high of industrial decarbonization projects reaching their final investment decision on a global scale. Of that total, which stood at 36 projects, 23 were in China.
“We have seen a record number of final investment decisions in the last 12 months, but we need to move from tens to hundreds of financed plants each year,” the organization’s chief executive said.
Last month, the country’s National Energy Administration reported that China’s total installed wind and solar power generation capacity exceeded 2 billion kW by the end of September, with 170 million kW in new capacity added over the first nine months of the year.
Despite its leadership in alternative energy and fuel investment, China also remains a top consumer of hydrocarbons and a leading importer of energy commodities. It is also the country building most of the world’s new coal power generation capacity. China is the world’s biggest coal consumer, and it still relies on the fuel for nearly 50% of its power generation.
By Irina Slav for Oilprice.com
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