China is depleting its oil stockpiles in a potential sign Beijing is looking to boost the economy with a surge in fuel exports
Business InsiderNov 18, 2022
Report: China Constructing Two-Thirds of Global Wind, Solar Power
Above: **Watermarked Getty Image. Kindly Replace** Image copyright: Hugo Hu/Contributor/Getty Images News via Getty Images
The Facts
According to a report published by the US-based think tank Global Energy Monitor on Thursday, China is building 339 gigawatts of wind and solar power facilities.
This is 64%, or nearly two-thirds, of the world's ongoing capacity build-up and over eight times higher than the second-place US, which is building 40 gigawatts.
The Spin
Anti-China narrative
China's rapid expansion into green energy is marred by significant challenges, like forced labor in Xinjiang producing cheap polysilicon for solar panels and coal-powered factories manufacturing "clean" energy technology. Their true carbon and labor costs undermine China's green claims. Given the country's dominance in the market, decoupling from China will be difficult for the world.
Pro-China narrative
By achieving its renewable energy targets ahead of schedule, China is setting a remarkable example for the world in the green energy transition race. Over the past year, the world's largest greenhouse gas emitter has become a prime investment destination for wind, solar, and nuclear power. Despite initial flaws, China's emissions trading system shows its commitment to reducing pollution.