China is lead­ing clean en­ergy revo­lu­tion: IEA

Mint ST - - THE BRIEFING -

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

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