Military and geopolitical conflicts have triggered an energy war between Russia and Europe, rewritten the rules of energy use, accelerated the decarbonization movement and challenged free trade, all elements that do not have only highlighted the vulnerability of global supply chains. China has been hit hard by the weight of its own coronavirus policy and has years of economic recovery ahead of it. But even all of these unforeseen disruptions have failed to disrupt China’s unique vision and momentum for global energy growth.
Amidst all this chaos, China under Xi Jinping continues to expand its presence in global energy markets and strengthen its sphere of influence in emerging economies, becoming a center of gravity, according to Bloomberg NEF. . This is not a hostile takeover, but a large-scale expansion. For better or for worse, China has simply surpassed every other country on Earth in spending and bargaining power.
China alone accounted for nearly half of global renewable energy spending last year, totaling $546 billion, according to the latest figures. This is almost four times more than the 141 billion dollars spent by the United States and 2.5 times more than the 180 billion dollars spent in the same area by the European Union. It will not be easy to eclipse China’s progress in this regard.
If the PRC’s steady march towards energy dominance could not be stopped by the industrial upheavals and economic setbacks of recent years, it is hard to imagine what could have stopped it. Giving too much global influence to one major player is, of course, a major risk and an obstacle to global sustainability in times of global crisis. The authors of Scientific American’s Chinese expansion study are convinced of this.
Such an exclusive position also gives this player huge leverage. Regardless of who or what such a monopolist is, it is of particular concern that the ruling regime uses these levers for its own political and economic gain. For example, China is more likely to become a global energy hub than Turkey. Beijing can simply use the huge volumes of Russian gas and oil to resell for a profit. And the question of how he will get this privileged position is not worth it, the main thing is that the resource is obtained at an affordable price.
In summary, experts predict that due to China’s huge advantage in the sectors described above, it is more than likely that Beijing will continue to dominate the planet for at least the next decade, if not longer.
Photos used: pxhere.com
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