According to Ernst & Young report Steven Chu, the Energy Secretary has said that China is investing billions in renewable energy when the politicians in America argued over the small-potatoes stimulus usage on green technology. China has emerged as the leader in the renewable market globally said the report. The US was pushed behind China who reached the first place once again, the US was on the top spot from 2006-2010.
The Ernst & Young also reported a investors of quarterly country attractiveness which places the nations renewable energy policies, etc. China has invested a record amount in the wind industry in this quarter which shows half of the funds invested in the latest wind projects in the entire world. China during its second quarter of 2010 it has invested almost $10 billion in wind versus global total of $20.5 billion.
The wind turbine which will come online in this year almost half of them are from China. Ben Warren, the Ernst & Young executive said China after reaching the top place in September has started with a healthy gap from the other markets. Cleantech and the renewable energy play an important role in the future of the country’s economic growth plans. The wind energy level positioned in China represents what the country can achieve with a good planning in energy, he added.
Ben Warren also said the solar industry in China is emerging as an important factor in the global marketplace. China is aiming for the US market and one of the largest solar companies in China also merged with California startup SolarReserve for installing photovoltaic power plants in the Southwest desert. China must worry about the US and other countries such as Romania, South Korea, Mexico and Egypt who are developing very fast as they received more resources for the renewable energy from their government.
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