China is leading clean energy revolution: IEA
Singapore: The world’s worst polluter is leading the clean energy revolution, according to the International Energy Agency.
China will account for a third of new wind and solar power installations and 40% of electric vehicle investments through 2040, the Parisbased agency said on Tuesday in its World Energy Outlook. Meanwhile, the country’s coal use peaked four years ago and it will cede its role as the driver of global oil demand to India after 2025. Underscoring the shift is a maturing economy that is moving away from energy-intensive industry and government policies aimed at cleaning up air pollution that causes almost 2 million premature deaths a year, the agency said in the report. Falling costs of renewables also play a role, as solar is expected to become China’s cheapest source of new electricity additions, surpassing natural gas by 2020 and coal by 2030. BLOOMBERG