Adam Tooze at Chartbook:
As data from the IEA confirm, the scale of China’s green energy push in the last couple of years dwarfs the much ballyhooed green energy programs in the West – NextGenEU, IRA etc.
Chinese manufacturers are expanding production of solar, wind, batteries and EV at a breakneck rate. Fierce competition is driving prices and costs down at a rate never previously imagined. Barring some unforeseen technological upset, China is set to be the leader in the first decades of the global clean energy transition.
But what is even more momentous is that China is the first large economy in which clean energy investment has become the principal driving force of overall investment and economic growth.
More here.