The Chinese, the world’s largest polluters, are also leading investors in energy across the world. And most of that investment is in renewables.
Some of their investments, for example in hydropower, are controversial. But the money they are ploughing into non-fossil fuels outstrips the investments of the US and Europe combined across Asia, Africa and South America.
Even rich European countries, which are supposed under the Paris Agreement to be helping poor developing nations to adapt to climate change, are now relying on China’s money to finance their own electricity infrastructure.
Perhaps the biggest irony is that the Chinese are investing heavily in solar power in France, the home of Europe’s largest nuclear industry, and at the same time in nuclear power in the UK – where they are helping the French to build a giant nuclear power station.
If this takes a moment or two to sink in, it is not surprising. Despite their apparent wealth neither of the “rich” European countries can raise enough money through capitalism to finance their projects. But the Chinese state can see a business opportunity.
Replacement sought
France, which still relies for more than 75% of its electricity on nuclear power, has fallen out of love with the technology and wants to boost renewable power to replace it.
Wind power is growing fast in France, but despite plentiful sunshine solar power has been slow to take off. Now the Chinese have stepped in with a €1 billion (US$1.09 bn) investment in solar sheds for French farmers. China is missing no opportunity to build a future without fossil fuels, abroad as well as at home. Not only is it investing in the construction of the UK’s first new nuclear power station in 20 years: it has now decided to support the development of solar power in France.
Read more at Climate Change Is Business Opportunity for China
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