China needs to boost investment in a new generation of clean energy technology including storage, hydrogen and sustainable aviation fuel, according to executives speaking at the BloombergNEF Summit in Shanghai.
Huge funding for renewables and electric vehicles has already put the country on the cusp of peaking emissions, years before its own 2030 target. But that has also left supply chains saturated, squeezing company profits and raising international trade tensions.
“We need more capital to go to unmet demand instead of going to hotspots that are already fully invested,” Chan said during a panel discussion at the event on Tuesday. “We still need to fill that gap.”
The surge in renewables has also created imbalance in grids dealing with too much solar power in the middle of the day that disappears when the sun sets.
