China continues to apply all possibleefforts to switch to renewable energy. The new report of the Institute for Energy Economics and Financial Analysis (IEEFA) clearly shows how clearly the Celestial Empire seeks to become the leader in producing energy from renewable sources. The published documents state that China’s total investment in clean energy production projects in 2017 amounted to more than $ 44 billion, which significantly exceeds the figure for 2016 - $ 32 billion.
According to Tim Buckley, lead author of the report,Energy Finance Research at IEEFA, the US decision to abandon the Paris Agreement was an important catalyst for China’s growth in the growing global market for renewable energy.
"It does not have to mean that nowChina will fill absolutely all the niches left by the US leadership as a result of the abandonment of the Paris Agreement, but this will definitely provide the country with technological superiority and financial capabilities, allowing it to dominate such fast-growing sectors as solar energy, electric cars and battery production. ”
And although the country's efforts in favor of usingRenewable energy is very commendable, China has not completely got rid of its dependence on combustible fuels, analysts say. The country still relies on coal - the energy needs of China too much. But the range of energy sources used here has significantly expanded in recent years, and now China uses not only coal as its resources, but also relies on hydropower, wind energy, solar energy, bioenergy and other renewable energy sources.
Analysts have noted a significant increase in the transition toalternative forms of energy over the past few decades, the country is still experiencing high levels of pollution. In the past few years, the Chinese government has taken serious steps to change this state of affairs, which has led, among other things, to the closure of up to 40 percent of plants that do not meet the new standards governing the level of harmful substances in the atmosphere.
Experts from the International EnergyAgencies (IEA) believe that China’s dependence on coal will continue to decline, while the country's investment in global alternative energy projects will continue to grow.