China continues to bolster its influence over the global energy market through investments in clean technologies, which are already causing shifts in the geopolitical landscape.
China as a Leader in Clean Technologies
At the Bloomberg Sustainable Business Summit, Chuka Umunna, global head of JPMorgan’s sustainable solutions, stated that China’s investments in green technologies are aimed not only at profit but also at creating geopolitical advantages. He noted that 'the world’s second-largest economy is leveraging its early investment into green technologies not just for economic benefit but for geopolitical advantage as well.'
Division in US Approaches
While China is actively developing clean energy, the United States shows polarization in opinions. President Donald Trump has focused on fossil fuels while discarding many of Joe Biden’s climate initiatives. Chuka also pointed out a genuine interest in nuclear energy and geothermal technologies among Trump’s administration.
Challenges and Opportunities for Clean Energy
Following the pandemic and due to high interest rates, growing capital-intensive projects face challenges. However, Chuka expressed hope for improvement, emphasizing that there are 'positive signs' that issues related to supply chains and planning may accelerate growth in the clean energy sector.
China is setting new rules in the clean technology game, and its actions have far-reaching implications for the global economy as well as for the future of energy policy in the US.
