China Don’t Need Offshore Tech Or Funds To Decarbonizes: Wood Mackenzie

Of late, Mark Hutchinson—VP of APAC Power and Renewables Consulting at Wood Mackenzie—said, “Renewable energy market in China does not require offshore technology and money. At present, China’s renewable energy sector is driven by the administration. Fast forward, it would be more cost-effectively driven.”During the ACES (Asian Clean Energy Summit) in Singapore, Hutchinson told CNBC, “A number of Chinese energy firms receive aid from the administration in the form of direct funding and huge subsidies. But that will possibly change soon.”

Though China’s progress has slowed, he added, financiers need to take into consideration that it is a part of the process for developing economies. He said, “It is not new in China and is advancing slowly. But even a 5–8% development across China, in absolute figures, that is still massive.” As reported by Reuters poll published in the last month, China’s third-quarter GDP (gross domestic product) is anticipated to surge by 6.1%. Reuters stated that China’s entire renewable power capacity climbed by 9.5% in the first half of the year, reaching 750 GW (gigawatts), since Beijing pitched for clean energy consumption as a part of its anti-pollution movement. In the first 6 Months of the year, China increased 9.09 GW of wind capacity, 1.82 GW of hydropower capacity, and 11.4 GW of solar capacity, the NEA (National Energy Administration) stated during a news briefing in early June.

Speaking of the renewable energy market, recently, it was reported that Argentina may be the hottest region and can it spur a global boom. A novel approach unbolted Argentina’s renewable energy market, making it “the most captivating market” in just 3 Years. And now, this approach can open the opportunities to billions in renewable spending in developing countries worldwide.