China's renewable energy market does not need foreign technology and money said Mark Hutchinson, vice president of APAC power and renewables consulting.
"Right now China's renewable energy sector is government driven. Going forward, it will be more economically driven," Mark Hutchinson, vice president of APAC power and renewables consulting at Wood Mackenzie.
"Right now, China's renewable energy sector is government driven. Going forward, it will be more economically driven," Hutchinson told CNBC at the Asian Clean Energy Summit in Singapore last Wednesday. Looking ahead, Hutchinson said he believes the main focus for the Chinese government is grid parity, as it tries to encourage more private players to participate.
"People outside of China often underestimate Chinese companies capabilities in the energy sector... they don't need the financing or the technology," said Hutchinson. "Theoretically, there is room for foreigners and international players, but China has the technological capability... China does not need foreigners to build the market," said Hutchinson.China is now the world's largest consumer of energy, the largest producer and consumer of coal, and the largest emitter of carbon dioxide,Wood Mackenzie's Hutchinson said his firm sees China's reliance on coal "peaking in the early 2020s.
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