Europe’s Clean Energy Transition Funds May Suffer From Dip In Carbon Prices
China Overpowers Western Countries in the Renewables Sector
By Shubhendra Anand , 04 April, 2024
Renewable energy sources are multiplying nowadays due to clean energy transitions, and it is aimed to achieve the goal of clean energy transitions before 2050. The transition process includes decarbonization to reduce the emission rate in the environment. Therefore, the need for renewable energy grows gradually to incorporate such environmental changes. Recently, China is dominating globally with solar power in 2024.
Globally, countries require raw materials in renewables for the clean energy transition. However, China dominates the renewable market with the growing production of raw materials and exporting them to Western countries. Therefore, western countries like the United States and Europe depend on Chinese raw products for their clean energy goals. The industries are expanding their renewables sectors to set goals to achieve the green energy transitions in 2024. Survey data shows that Chinese industries spend more than American and European industries on renewables. It has resulted in several solar panels being built in Beijing in one year, which is almost closer to the United States solar energy setup in all these years. The expansion of renewables has resulted in the development of Chinese solar panels.
China is the leading country in the field of renewable energy due to its constant studies on renewables and technological advancement. Global data shows China's solar panels and components increased in 2023. Solar panel installation increased by 38 percent for the same year. Experts anticipate the Chinese industrial sector will go greener by 70 percent in 2024. It is due to solar panels being installed rapidly in the previous year. It indicates that China is leading the green energy transition. At the same time, the West is expected to depend on the Chinese industry to supply raw materials to aid the green energy transition. Therefore, countries worldwide expect to compete with the Chinese renewables sector and import fewer renewable materials.
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Shubhendra Anand
Head Research
