china's eminent role in global energy market
an air view of talatan photovoltaic power station, china's largest solar power plant, in
qinghai province. (photo: xinhua)
by qi liming
what are the key words that we think of when talking about the economy, development, or growth? for the experts and analysts from center for strategic and international studies (csis), s&p global commodity insights and scientific american there was only one word that came up: energy.
senior fellows of csis said in february that china holds the key to global energy demand. global energy prices hinge on china's economic recovery. china's lifting of covid-19 restrictions will boost oil and gas demand in 2023. stronger industrial activity should increase china's natural gas imports, and a rebound in mobility will boost gasoline, diesel, and jet fuel demand. the strength of the recovery will dictate how china adjusts crude oil import quotas and refined product export quotas, and the latter could prove critical as the oil market adjusts to a price cap on russian products.
energy is not only a vital driving force for social development, but also an important factor to improve overall national strength. clean energy is the new trend in catalyzing growth.
scientific american reported that china spent 546 billion usd in clean energy in 2022. the investments included solar and wind energy, electric vehicles and batteries. meanwhile, the european union was second to china with 180 billion usd in clean energy investments, while the amount of u.s. investments in clean energy was only 141 billion usd.
china once again topped the world in clean energy investments last year. nearly half of the world's low-carbon spending took place in china, according to a recent analysis from market research firm bloombergnef.
"china has managed to nurture these really integrated, efficient value chains for making things like solar panels, and battery cells," said antoine vagneur-jones, head of trade and supply chains research at bloombergnef.
s&p global commodity insights forecast in february that china would maintain renewables growth pace in 2023 despite uncertainty.
china is expected to continue adding more renewable power generation capacity in 2023 rather than coal-fired generation capacity, with a focus on deeper integration of solar and wind power to the grid, according to s&p global commodity insights forecasts.
this means that china, for yet another calendar year, accounted for the world's most renewables growth, and will add approximately 45-50 gw of coal-fired generation capacity in 2023, and around 200 gw of renewable capacity, according to caroline zhu, senior analyst with s&p global commodity insights.
in recent years, china accounted for roughly 44 percent of additional global renewable capacity and more than 73 percent of asia's renewables capacity addition, and this trend is expected to continue in 2023.what are the key words that we think of when talking about the economy, development, or growth? for the experts and analysts from center for strategic and international studies (csis), s&p global commodity insights and scientific american there was only one word that came up: energy.
senior fellows of csis said in february that china holds the key to global energy demand. global energy prices hinge on china's economic recovery. china's lifting of covid-19 restrictions will boost oil and gas demand in 2023. stronger industrial activity should increase china's natural gas imports, and a rebound in mobility will boost gasoline, diesel, and jet fuel demand. the strength of the recovery will dictate how china adjusts crude oil import quotas and refined product export quotas, and the latter could prove critical as the oil market adjusts to a price cap on russian products.
energy is not only a vital driving force for social development, but also an important factor to improve overall national strength. clean energy is the new trend in catalyzing growth.
scientific american reported that china spent 546 billion usd in clean energy in 2022. the investments included solar and wind energy, electric vehicles and batteries. meanwhile, the european union was second to china with 180 billion usd in clean energy investments, while the amount of u.s. investments in clean energy was only 141 billion usd.
china once again topped the world in clean energy investments last year. nearly half of the world's low-carbon spending took place in china, according to a recent analysis from market research firm bloombergnef.
"china has managed to nurture these really integrated, efficient value chains for making things like solar panels, and battery cells," said antoine vagneur-jones, head of trade and supply chains research at bloombergnef.
s&p global commodity insights forecast in february that china would maintain renewables growth pace in 2023 despite uncertainty.
china is expected to continue adding more renewable power generation capacity in 2023 rather than coal-fired generation capacity, with a focus on deeper integration of solar and wind power to the grid, according to s&p global commodity insights forecasts.
this means that china, for yet another calendar year, accounted for the world's most renewables growth, and will add approximately 45-50 gw of coal-fired generation capacity in 2023, and around 200 gw of renewable capacity, according to caroline zhu, senior analyst with s&p global commodity insights.
in recent years, china accounted for roughly 44 percent of additional global renewable capacity and more than 73 percent of asia's renewables capacity addition, and this trend is expected to continue in 2023.
