FX.co ★ China to be a solar power leader

According to Bloomberg estimates, China may well outrun Germany as a leading solar power producer in 2013.
China’s authorities are planning to add 10 gigawatts of solar power capacity this year and 35 gigawatts by 2015.
Moreover, in 2013 China is going to boost its solar power capacity to 34.1 gigawatts, which is 14% more than in 2012. By the way, 34 gigawatts is the energy that can be generated by eight nuclear power plants.
What drives demand for solar panels and equipment of this kind is the fact that last year Chinese energy suppliers managed to bring the prices down by 20%. In 2012, the solar power industry expanded by mere 4.4% as Italian and French solar power producers saw their subsidies cut.
Presently, China is the world’s biggest emitter of carbon dioxide. In this context, China’s authorities are very interested in developing the solar power sector. Another reason is that, with its scarce energy resources, the country relies on imported renewables.
China is forecasted to import 61% of oil by 2015, while now it brings in about 56% of the black gold. In 2012, China was the largest oil consumer in the world.