China in the lead on green energy spend

Adelaide Advertiser
Saturday 27/3/2010 Page: 84

CHINA has taken the lead in investments in clean energy - spending nearly double what the US did last year - as it ramps up projects in renewable and traditional energy, a report out yesterday says. China's investment and financing for clean energy rose to $US34.6 billion last year, out of $162 billion invested globally, the report by the non-profit Pew Research Center Charitable Trusts says. US spending ranked second, at $18.6 billion, with European nations also recording strong growth. The report comes as China is clinching energy and resource-related deals meant to help ensure access to the commodities needed to keep its fast-growing economy booming.

Its offshore oil and gas company, CNOOC, this week agreed to buy 3.6 million tonnes of liquefied natural gas a year, for 20 years, from an Australian energy project operated by BG Group. The deal is estimated it at $80 billion. The US leads on installed renewable energy, with 52.2 GWs of wind, small hydro-electric, biomass and waste generating capacity, the report says. China quickly is closing the gap, as a doubling in wind energy capacity alone boosted its own installed renewable energy capacity to 49.7 GWs last year.