EU’s move away from fuel from Russia will create new opportunities for Chinese clean energy suppliers
Europe’s plan for a faster transition to clean energy will boost the order books of Chinese renewable energy producers. Bloomberg.
Europe plans to dramatically increase the number of wind and solar power plants. Such a measure should help reduce dependence on Russia in the energy sector. This could lead to a 15 percent increase in total Chinese solar energy exports over the remainder of the decade. Chinese companies dominate the solar energy market, accounting for almost all of global production.
Europe accounted for 40 percent of solar energy exports in 2021. Plans to phase out Russian fuel from the EU will also open up more opportunities for Chinese wind equipment suppliers and turbine manufacturers. They are among the largest in the world, but have so far focused on a huge domestic market.
However, some of them seek to enter the global market. For example, Jinlei Technology Co. and Titan Wind Energy Suzhou Co. are among those who are ready to benefit from the current situation, the newspaper notes.
Earlier, Europe presented a plan to phase out Russian gas and oil. EU plans to reduce dependence on gas supplies from Russia by 67 percent by the end of 2022
#Chinese #companies #contribute #refusal #Europe #Russian #fuel