China has ‘outsized presence’ in clean energy market, IEA warns in new report
Global News
China has an 'outsized presence' in the current clean energy market, the International Energy Agency is warning in a new report.
China has an “outsized presence” in the current clean energy market, the International Energy Agency (IEA) warns in a new report.
The intergovernmental agency identified Beijing’s influence in its 2023 World Energy Outlook, published Tuesday, where it also said a global shift to clean energy is “unstoppable.”
In its report, the IEA warns that clean energy supply chains could become unstable if investment remains concentrated in China.
“Clean energy supply chains today are highly concentrated. China has an outsized presence. It has huge shares of global manufacturing capacity for solar PV modules and batteries (75 per cent) as well as a very strong position in the refining and processing of critical minerals,” it said.
“This makes the entire system vulnerable to unforeseen changes that could arise due to shifts in national policies, commercial strategies, technical failures or natural hazards.”
The IEA identified major policy announcements that indicate developments will diversify some supply chains, such as the scale-up in planned battery manufacturing capacity in the United States following the adoption of the Inflation Reduction Act.
However, levels of supply chain concentration look likely to remain high, it added.
“Traditional concerns about fuel security do not disappear in energy transitions, and rapid deployment of clean energy technologies requires resilience along a new set of supply chains,” the IEA said, adding that more than half of global electric vehicle sales in 2022 were in China.
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