China has surged ahead of the rest of the world in renewable energy, creating a “new world order” in the low-carbon sector, according to research published today.
The rapid growth of Chinese investment has prompted venture capital and private equity companies in Europe to call for more regulation and greater government assistance, warning that without such help, the European economy will fall behind.
China spent a record amount on its wind power industry in the last quarter, according to a report from Ernst & Young, the consultancy. The country’s spending on wind energy in the second quarter of 2010 amounted to about $10bn, or about half of the global total of $20.5bn.
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