China''s Energy Transition Moves Into Uncharted Territory
China is entering a new phase of the world''s biggest energy transition. Exactly what form it will take remains to be seen.
In the context of the global energy transition from fossil fuels to renewable energy sources, China's legions of wind turbines and seas of photovoltaic panels are quite eye-catching. China's new energy industry has experienced rapid growth in recent years, maintaining a double-digit annual growth rate.
China is the dominant force in next-generation energy technologies today. It's pouring hundreds of billions of dollars into putting renewable sources like wind and solar on its grid, manufacturing millions of electric vehicles, and building out capacity for energy storage, nuclear power, and more.
China's new energy industry has experienced rapid growth in recent years, maintaining a double-digit annual growth rate. Since 2013, the country's wind power and solar power installed capacity have grown six times and more than 180 times respectively.
By 2035, solar and wind power are expected to become the two largest sources of electricity production, surpassing coal and natural gas, according to the International Energy Agency. As the cost of renewables keeps falling, the U.S. strategy may leave China poised to capitalize on the world's growing appetite for not only cleaner but cheaper power.
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