Green China

Mar 10, 2022 View in browser   By Jordan Wolman THE BIG PICTURE Source: Business Council for Sustainable Energy and BloombergNEF SECOND PLACE — Would it surprise you to learn that China was the world's biggest spender on the energy transition last year, more than doubling America's private-investment outlay? If so, you'd probably be stunned to learn that Beijing has been in pole position in financing clean energy projects for at least the past decade. China alone spent north of $200 billion in 2021, according to last week's update ofan annual report published by BloombergNEF and the Business Council for Sustainable Energy. That figure not only far surpasses the $105 billion in U.S. investments toward the energy transition, but it makes up a substantial portion of all global commitments. Worldwide, $755 billion was invested in clean energy projects last year, and the jump from 2020 marked the largest year-on-year change ever recorded, according to the report. Most of America's energy transition investments have gone into renewable energy, with significant spending in electrified transport as well. One example of China's investments — which is not captured in the report given how recent it is — is the country's announcement last week that it plans to build 450 gigawatts of solar and wind capacity in the Gobi and other desert regions. Compare that with President Joe Biden's pledge to build 30 GW of offshore wind power by 2030. Source: Business Council for Sustainable Energy and BloombergNEF Understanding the two countries' climate progress requires reconciling their leadership in investing in the energy transition with the fact that both continue to be the world's biggest polluters. Developers in America built a record 37 GW of wind and solar power capacity in 2021, and renewables now account for 21 percent of the nation's electricity generation — the most ever. U.S. electric vehicle sales doubled in just one year from 2020 after remaining fairly flat for three straight years. Significant gains were also made in hydrogen-fired power, battery storage capacity and offshore wind capacity. Still, the International Energy Agency's report this week is reminding us to celebrate climate advances with humility: Energy-related greenhouse gas emissions in 2021 reached their highest ever level, the report said, and China "accounted for almost all of the global increase in electricity and heat sector emissions between 2019 and 2021." U.S. greenhouse gas emissions rose in 2021, but didn't return to pre-pandemic levels, according to the BCSE/BNEF report. The rise was at least partly attributable to increased use of coal, which had previously declined or remained stable as a share of U.S. electricity generation every year since 2013. "While we are moving in the right direction, we're not moving fast enough," said Paula Glover, the president of the Alliance to Save Energy.   SUBSCRIBE TO NATIONAL SECURITY DAILY : Keep up with the latest critical developments from Ukraine and across Europe in our daily newsletter, National Security Daily. The Russian invasion of Ukraine could disrupt the established world order and result in a refugee crisis, increased cyberattacks, rising energy costs and additional disruption to global supply chains. Go inside the top national security and foreign-policymaking shops for insight on the global threats faced by the U.S. and its allies and what actions world leaders are taking to address them. Subscribe today.     WHAT WE'RE CLICKING — Energy Secretary Jennifer Granholm is now asking the oil industry to boost production as shockwaves reverberate around the energy sector due to Russia's invasion of Ukraine. POLITICO's Ben Lefebvre has the story. — New York City is thinking green:The City reports on how America's largest metropolis has its eyes on addressing both the climate crisis and employment and equity concerns through green jobs.   DON'T MISS POLITICO'S INAUGURAL HEALTH CARE SUMMIT ON 3/31: Join POLITICO for a discussion with health care providers, policymakers, federal regulators, patient representatives, and industry leaders to better understand the latest policy and industry solutions in place as we enter year three of the pandemic. Panelists will discuss the latest proposals to overcome long-standing health care challenges in the U.S., such as expanding access to care, affordability, and prescription drug prices. REGISTER HERE.       Follow us on Twitter Catherine Boudreau @ceboudreau Debra Kahn @debra_kahn Greg Mott @gwmott Lorraine Woellert @Woellert Jordan Wolman @jordanwolman   Follow us

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