China leads world's renewable energy market

2017-10-13 08:48:00 Environmental Protection chinadaily.com

China has held its status as the world's most favorable market for renewable energy development and investment, China Daily reported, citing a new study.


The biannual Renewable Energy Country Attractiveness Index, compiled by London-based financial services firm EY - formally Ernst and Young - highlighted the high levels of public and private funds pouring into renewable power projects in China, as well as several energy efficiency policies.


After conceding the leading poll position to China in the last index, the United States is in third place, while the United Kingdom was placed 10th in the ranking of 40 economies.


Earlier this year, China's National Energy Administration announced it would spend $363 billion to develop renewable power capacity by 2020. The investment will see renewables account for half of all new generated capacity and create 13 million jobs.


Solar capacity in China rose by 21 GW over the past six months, and the government has set new targets to cancel or defer 106 GW of coal power.


"The index highlights that government policy is pivotal in driving renewable energy development globally," said Ben Warren, corporate finance leader for global power and utilities at EY.


The US lost its top-ranking position in May, following the Trump administration's decision to rollback many of the previous administration's climate change policies.


The US now sits behind India, with Germany, Australia, France, Japan, Chile, Mexico and the UK rounding out the top ten.


The report noted Britain's strength in the offshore wind sector, where energy prices continue to fall.


Last month, the UK government held a wind farm auction where two firms agreed to build facilities for 57.50 pounds ($75.50) per MWh.


The EY projects that new wind and solar power will account for 34% of global electricity generation by 2040.


(Writing by Jessie Jia   Editing by Harry Huo)
For any questions, please contact us by inqury@fwenergy.com or +86-351-7219322.

Editors Recommendations

1 Recent price drop stokes bearish sentiment on China thermal coal market 2017-10-23

Spot thermal coal prices continued to edge down at China's northern ports, fueling growing wait-and-see sentiment among downstream traders and utilities that resulted in even fewer transactions.

2 Weekly China thermal coal market analysis and forecast 2017-10-23

Thermal coal prices started to edge up at northern China ports and some production areas last week, due to growing wait-and-see sentiment among utilities, despite reduced output as mines suspended p

3 Chinese traders turn bearish on import coal as quotas run out 2017-10-20

Chinese traders turned bearish on the seaborne thermal coal market, as import quotas are running out at some ports in southern China and along the Yangtze River. After about a week's spar

4 Weekly global coal market news summary (Oct 16-Oct 20) 2017-10-20

U.S. H1 coal production fell after increasing in late 2016 U.S. coal production averaged 192 million short tonnes per quarter in the first half of 2017, a slight decrease from the second half

5 Huadian Power Int. 3Qs power generation up 2.43% on yr 2017-10-20

Hong Kong-listed Huadian Power International Corporation, one of largest power generators in China, produced 142.65 TWh of power in the first three quarters of this year, up about 2.43% year on year,

6 NDRC urges to expand production of CBM, shale gas and coal-based gas 2017-10-20

The National Development and Reform Commission urged provinces and large state-owned energy enterprises to produce clean gases as much as possible to ensure energy supply in the coming winter heating

7 Hunan vows to cut unsafe and outdated coal capacity by end-2018 2017-10-20

China's Hunan province is set to close all coal-and-gas outburst mines with production capacity at and below 9 million tonnes per annum by the end of next year, reducing the number of coal mines

8 China power companies going green for blue skies, energy sector delegates say 2017-10-20

Major companies in the power-generation sector, including coal, have taken measures to lower pollution from consumption and mining, party delegates to the 19th National Congress of the Communist Party

9 NDRC gives nod to China Coal's two coal mine projects 2017-10-20

China Coal Energy Co., Ltd., the listed arm of China National Coal Group, has recently received approval to build two coal mines and associated washing plants in Ordos, Inner Mongolia, with annual cap

10 Indonesian miners keep thermal coal prices steady 2017-10-19

Indonesian miners continued to keep their offer prices steady for thermal coal, despite a lack of buying interest from Chinese buyers. A wait-and-see sentiment has dominated the market re

Most Read Articles

1 China makes great progress in switch from coal to power heating 2017-10-16

China has made great progress in switching to electricity from coal for winter heating in northern part of the country, part of the government's efforts to tackle the long-standing air pollution issue

2 Mongolia coal exports cool as China border issue creates a bottleneck 2017-10-17

Mongolia's coal exports, which have helped lift its slow-growing economy this year, are losing steam, according to trade data. In the first nine months of the year, exports earned $1.73 b

3 Weekly global coal market news summary (Oct 9-Oct 13) 2017-10-16

Glencore, Japan's Tohoku Electric set annual coal price at $94.75/t Glencore Plc and Tohoku Electric Power Co have settled an Australian thermal coal import contract for October 2017-September 2

4 Weekly China coal market news summary (Oct 16-Oct 20) 2017-10-20

China Sep raw coal output up 7.6% on yr China produced 298.12 million tonnes of raw coal in September, up 7.6% year on year and 2.53% month on month, showed data from the National Bureau of Stat

5 NDRC urges to expand production of CBM, shale gas and coal-based gas 2017-10-20

The National Development and Reform Commission urged provinces and large state-owned energy enterprises to produce clean gases as much as possible to ensure energy supply in the coming winter heating

6 China steel and raw materials futures retreat after smog-driven rally 2017-10-19

Prices of steel and its raw materials futures pulled back on October 17, after recent gains that were fuelled by steel production cuts in top producer China that are part of Beijing's anti-pollution c

7 NDRC gives nod to China Coal's two coal mine projects 2017-10-20

China Coal Energy Co., Ltd., the listed arm of China National Coal Group, has recently received approval to build two coal mines and associated washing plants in Ordos, Inner Mongolia, with annual cap

8 State power companies in India seek coal imports to tide over supply crisis 2017-10-16

Some state-owned power producers, who had stopped imports, are now looking at importing coal at a time when the Centre's focus is on reducing imports and eventually bringing it down to zero, Economic

9 China power companies going green for blue skies, energy sector delegates say 2017-10-20

Major companies in the power-generation sector, including coal, have taken measures to lower pollution from consumption and mining, party delegates to the 19th National Congress of the Communist Party

10 Rio Tinto reports thermal coal production drop in Q3 2017-10-18

Rio Tinto has seen thermal coal production decline in the third quarter after the sale of its Coal & Allied business, the miner said on October 17, while lowering its output guidance for 2017.