Concerns about the waning strength of China's economy have been weighing heavily on many commodity and financial sectors in the current year. Economic pundits have repeatedly warned that China’s rapid growth since the global financial crisis are unlikely to be replicated in the next decade, particularly in sectors of property construction and local government investment.
reported that an impressive $1.1 trillion flowed into the global clean energy sector in 2022. According to the clean energy watchdog, almost all sectors received record levels of investment, including renewable energy, energy storage, hydrogen, carbon capture and storage CCS, electrified transport, electrified heat and sustainable materials spurred by a rush to attain energy security amid Russia’s war in Ukraine.
also revealed that China spent $546 billion on renewables in 2022, nearly half the total global spend; more than triple the European Union’s total spend at $180 billion, and the United States’ $141 billion. The trend shows no signs of turning around with China still dominating clean energy production. A June report by the Global Energy Monitor revealed that the country’s operating solar capacity has hit 228 GW, more than the rest of the world combined.
has revealed that companies listed on the S&P 500 currently derive only about 3.4% of their revenue from clean energy, roughly half the figure by their peers on the Shanghai Composite Index. Indeed, the Asia-Pacific region is home to nearly 700 companies that draw more than half their revenue from clean energy, which includes renewable and nuclear power, electrified transport, biofuels, hydrogen and carbon capture. That compares with just over 400 companies in the U.S.
reported a staggering 325% jump in net income to 3.8 billion yuan for the first half of the current year; Longi Green Energy Technology Co. Ltd, the world’s largest panel-maker, reported a 42% year-on-year jump in net profit to 9.2 billion yuan $1.3 billion, Trina Solar Co. Ltd. saw its H1 202 profit soar 179% to 3.5 billion yuan while JA Solar Technology Co. Ltd. saw its net income rise 183% to 4.8 billion yuan. By Alex Kimani for Oilprice.