Clean Investment: China Displayed Fast Improvement In Renewable Energy In 2018

solar energy
Solar panels are pictured at the BP America Gasosaurus Gas Unit well site in Lufkin, Texas, U.S., June 13, 2018. (Photo: REUTERS/Jonathan Bachman/File Photo)

The National Energy Administration of China announced that the country showed fast developments in the clean energy industry last year with 700 million kilowatts of renewable energy installations.

According to Xinhua, the administration said China will push through with plans to improve growth in the oil-and-gas industry in 2019. Beijing will support efforts in developing gas and oil exploration programs as well as the construction of gas storage centers.

Over the past years, China has been working to encourage clean energy usage and production in the country. One of the strategies adopted was the construction of wind farms and vast solar farms. The goal is to reach 20 percent non-fossil energy production by the year 2030.

By next year, Beijing is looking to invest 2.5 trillion yuan in the generation of renewable power. The sects expected to improve through the project includes nuclear, solar, hydro, and wind power industries.

Meanwhile, solar and other renewable energy investments have been progressing worldwide and are creating turning points for geopolitical ties among various countries. Oil and natural gas have become the major drivers in reshaping geopolitics over the past years.

The Global Commission said of the impact of renewable energy in geopolitics, "The new energy age will reshape relations between states and regions bringing 'A New World' of power, security, energy independence, and prosperity," The Solar Magazine reported.

The commission added that clean energy investments across the globe will create a positive change in trade relationships as well as initiate the budding of new alliances that capitalize on the oil and gas industries.

In its "A New World" report presented at the International Renewable Energy Agency (IRENA) earlier last month, the commission also stated that the dawn of a new energy age is expected to create changes in state positions in various countries and it could also open diversified energy options for countries looking to spend on renewable power generation.

Focusing on renewable energy is not an easy task, some analysts have pointed out. Furthermore, China's goal to increase its renewable energy generation by 35 percent in 2030 will have challenges. However, consulting firm Wood Mackenzie believes this goal will have a positive impact on the energy industry.

The firm said, "What seems like a great backlash for the renewable industry in China now, could eventually become an opportunity for improvement and, most importantly, a chance for renewables to finally reach grid parity," as reported by Forbes.

The government's main goal is to clean Chinese cities as part of its Paris climate agreement. Beijing also aims to help other countries in their renewable energy projects. Solar panel shipments in Mexico, India, and Australia soared over the past year.

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