How China Is Conquering Renewable Energy
Despite the American mindset that the United States is number one in all things forever, it looks like China might soon become not only the largest manufacturer of renewable energy technology in the world, but the biggest consumer as well.
China invested $68 billion in renewable energy projects last year, and has pledged to add 49 GW of capacity this year, with projections of further growth through next year with projects totaling 700 GW by 2020.
However, analysts are skeptical whether those goals will be met.
Tom Doyle, CEO of one of the largest solar companies in the U.S., NRG Solar, has said that the Chinese set some bad precedents, constantly renegotiating and being generally unreliable.
Doyle isn’t sure the projects are actually motivated by a desire to use renewable energy.
“I believe the government has set the mandate to support the growth of Chinese equipment suppliers,” Doyle said, according to Quartz. “Historically, it’s been a difficult market and I have some concerns frankly about placing NRG equity in the Chinese market.”
Chinese manufacturers need the help. Many were started several years ago, but with several consecutive years of massive drops in the cost of photovoltaic solar panels, it is getting harder to pull in a profit. When added to the fact that recent legislation in the U.S. has raised the price of importing Chinese solar panels, with similar talks in Europe, trouble seems to loom for Chinese renewable technology makers, which is why the Chinese government is taking such drastic steps.
Though preference obviously goes to Chinese companies and financiers, some are still excited by the profit potential behind installing increasingly cheap solar panels with steadily cheap Chinese manual labor.
Folks like Doyle, however, are more excited about the prospects in energy development in locations with a track record of western-friendly collaboration, like Saudi Arabia.
“I think from a risk perspective, Saudi Arabia is extremely attractive,” Doyle said. “I believe the Saudis are actually going to walk the walk when it comes to making good on their targets.”
OnePlus 5 Revealed In TV Ad, Flagship Killer Reaches 300,000 Online Registrations
A surprise TV ad shown in India revealed what the OnePlus 5 looks like while over in China, more than 300,000 have already registered for the flagship killer.
Apple's iPhone Is No Longer China's Favorite
Apple is experiencing serious competition in Greater China from homegrown brands.
Robot Wars: China's MegaBot Challenger Wants To Fight In World's First Robot Battle
China may join in the upcoming robot wars, challenging giant fighting robots made by USA and Japan. Dubbed the Monkey King, the latest megabot challenger may kick off a robot fighting league.
Leaked OnePlus 5 Photo Samples Could Confirm This Cool Upgrade
OnePlus 5 made headlines this week as samples of its camera photos were leaked. Experts who analyzed the leaked photos think that a cool new upgrade might be in the works.
Xiaomi Mi 6 Might Not Launch In US And Europe Until 2019
This delay might be because of the "innovation for everyone" mantra that Xiang and Donovan Sung, Xiaomi’s director of product management, have been harping on.
Illegal Flying Stones Of 4 Drones Cause Grounded Flights & Thousands Of Stranded Passengers
Flying model airplanes and unmanned aerial vehicles are banned 10km (6 miles) away from the centerline of the runways, and 20km from the end of runways at civil airports, according to local government organizations.
MORE IN ITECHPOST
How to Maximize Instagram's Features
Instagram is one of the most versatile marketing platforms in the world. How can someone make sure they are maximizing all of its features?
How Do Personal Emergency Response Systems Work?
Personal emergency response systems, known as PERS for short, are systems that help people to raise the alarm and get immediate help when a medical or personal emergency occurs. They are ideal for older people and anyone with a mobility issue or an injury or illness that can cause falls.
Eight Must-Have Tools to Keep Your Car Out of Garage
We all dread taking our car to a garage for repairs. We might just want to avoid the inconvenience of being off the road or maybe the costs associated, which can even lead to knock-on effects on things like our holiday plans.
6 Hacks for Students to Choose a Laptop While on a Budget
The modern world tries to drown us in the sea of choices. One can’t simply buy a laptop - there are hundreds of laptops around and sometimes our budget becomes the only real limitation we can rely on. But how to choose other parameters to get the best laptop possible?