Record investments in solar power have kept the Chinese economy afloat
China's investment in renewable energy has hit a record high as repeated outbreaks of COVID-19 and a crisis-hit property market threaten the world's second-largest economy, BloombergNEF reported.
Bloomberg News (BNEF) says its latest survey of global clean energy investment shows that China's solar and wind projects are being used to prop up its flagging economy.
"Green infrastructure is the most important investment area that China is relying on in the second half of 2022 to boost its flagging economy," said Kou Nannan, head of China analytics at BNEF.
China invested $41 billion (AU$58 billion) in large-scale solar in the first half of this year, up 173 per cent from a year earlier, BNEF said.
BNEF said $66 billion (AU$94 billion) was spent globally on utility-scale photovoltaics in the January-June period, with China's $41 billion for large-scale solar making up the bulk of that. The United States was the world's second-largest solar market in the first half of this year, with $7.5 billion (AU$10 billion) invested, according to BNEF.
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