As the new year unrolled, the superpower countries to watch in terms of their crucial role/big projects geared towards tackling climate change and power generation include China. State Grid Corporation of China divulged last year the plans to build a world power grid exceeding $50 trillion.
To date, the heightened presence of Chinese renewable energy companies in international markets can be noted. If plans materialize, the world power grid is expected to be in operation by 2050.
The proposed power grid project, when funneled to the development of newly emerging strategic industries, renewable energy, new materials and electric vehicles, is envisioned to address the world’s power needs in the foreseeable future. Indeed, China seems poised to inch its way close to the realization of its big ambitions of becoming the global leader in new energy technology
Global Push for Renewables and Consolidation
Across the world – in the United States – leading the pack in generating wind power is Texas, and has even attracted a German foreign investor. Solar power is the next focus.
A year ago, CERAWeek, the premier annual gathering of senior energy executives, innovators and key officials taking part in dialogue and sharing insights into energy issues, tweeted that the “power industry sees renewables, consolidation ahead.”
State Grid Corporation of China’s Zhenya Liu affirmed it. He stated in interviews that the world must burn less fossil fuel to curb global warming repercussions that include floods and food shortages.
China’s much-touted smart grids that will be interconnected with those of other countries, and the establishment of large energy bases, are targeted to be in place by 2030. The ultra high voltage grid will connect proposed wind farms in the North Pole, and solar farms built at the equator that transcend national boundaries.
Commitment to the Paris Agreement
Now until 2020, Liu said that apart from smart grid construction in different countries, China will need to promote clean energy development and domestic grid interconnection. Intensified efforts to reduce carbon emissions is essential, and to date, several provinces in China have been ordered by authorities to stop approving coal plants.
Much of the world has reaffirmed commitment to the Paris Agreement, a hard-won achievement which is in keeping with the underlying trend of global development. As the People’s Republic of China President Xi Jinping said at the World Economic Forum in Davos, “All signatories should stick to it instead of walking away from it as this is a responsibility we must assume for future generations.”