China Leads in Clean Energy Economy-

According to a recently published report by Pew Charitable Trusts, China’s spending in renewable energy technologies increased by 50 percent in 2009; designating the nation as the current leader in renewable energy investments. The report revealed that – for the first time – China’s investments in renewable energy throughout the year 2009 surpassed those made by the United States. China dedicated approximately $34.6 billion to wind power, solar energy and other forms of renewable energy; nearly doubling America’s $18.6 billion. “China is emerging as the world’s clean energy powerhouse,” the report’s authors confirmed. “Having built a strong manufacturing base and export markets, China is working now to meet domestic demand by installing substantial new clean energy-generating capacity to meet ambitious renewable energy targets.” Furthermore, over the last six months, China has signed agreements with American solar companies to build solar power plants which would produce 4,000 megawatts of electricity. “There are reasons to be concerned about America’s competitive position in the clean energy marketplace,” according to the report. “Relative to the size of its economy, the United States’ clean energy finance and investments lag behind many of its G-20 partners.” The report, labeled “Who’s Winning the clean Energy Race? Growth, Competition and Opportunity in the World’s Largest Economies,” was based on data collected by the consulting and research firm, Bloomberg New Energy Finance. Only time will tell if the United States President Barack Obama substantiates his past promises to propel a clean energy economy throughout the nation.