New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Weathering the strained relationship between China and the US
14/6/2023
8 min read
Feature
Sino-American diplomatic and trade stresses could impede growth in green power. However, competition and collaboration between these markets still drive expansion. Mark Godfrey reports.
China has developed such a robust renewable energy sector that it could withstand the impact of decoupling from US markets and suppliers, say experts as Sino-American relations sour. However, building good relations and cooperation would strengthen both sides’ shift to clean power.
The Chinese government’s decision to back renewable power through its 2005 Renewable Energy Law, along with significant stimulus after the global financial crisis in 2008, has developed a vast domestic market and manufacturing capacity for solar and wind technology.
‘In terms of production cost, production efficiency and technological innovation, China is already far ahead,’ says He Weiwen, an Executive Council Member of the China Association of International Trade, commenting on the Biden Administration’s landmark Inflation Reduction Act (IRA), which authorises $370bn in clean energy investments.