Sustainable Momentum? China and the Mideast Solar Market
Although global energy demand fell in 2020 due to the pandemic, investment in energy transition increased. In April, the International Renewable Energy Agency (IRENA) reported that renewable energy’s share of new generating capacity rose substantially for the second year in a row. China, which has emerged as the indisputable leader of renewable energy expansion worldwide, has begun to reorient its overseas energy investment and finance towards non-fossil fuels projects. This shift could portend a larger role for China in the MENA region’s growing renewables sector, especially in solar power production.