China is emerging as the world's clean energy “powerhouse”. China has beaten up the United States as the top investor in clean energy. In 2009, for the first time China lead the world in clean energy investments and Britain achieved the 3rd position. In the past year, China surprisingly spent $34.6 billion in clean energy which is double then that of United States $18.6 billion. World’s largest economy lost the top spot in clean energy.
Britain spent $11.2 billion, gained 3rd position followed by Spain and Brazil. South Korea moved with 250 percent growth of setup capability. Since 2005, global investments in this sector have doubled and are proposed to reach $200 billion in 2010.
China had made a strategic decision to invest in wind and solar technologies. It has a huge wind turbine production sector and is the world’s largest solar cells producer. Its aim is to achieve 30 gigawatt renewable energy capability set up by 2020 but soon it will surpass the target. Britain’s advancement in this sector is due to vast government-backed offshore wind power projects and made investments into the young marine energy sector.
As a percentage of their economies China, Brazil, Spain, Britain and Germany have the most vigorous clean energy sectors with strong green policies which consist of carbon markets, feed-in-tariffs, and mandated clean energy targets and priority loans for renewable energy projects. Due to China, United States competitive position is at threat in the up coming clean energy economy.
United State is on the border of losing its leadership position in established renewable energy capacity, with China soaring in the previous several years to a virtual tie. Some researches show that in last year Spain invested five times more than the United States while China, Brazil and the United Kingdom invested three times more. Half of the G20 countries spent a larger proportion of their gross domestic product on clean energy.
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