Green Tech Money Blooms in China
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China’s green tech industry raked in US$63.9 billion last year, leading the world in green IT according to a report by The Associated Press (AP).
China ranked second only to Denmark in its green technology sector. The market contributed 1.4 percent of China’s GDP, compared with Denmark’s 3.1 percent noted the study, which was commissioned by the World Wildlife Fund for Nature (WWF).
China’s green tech industry raked in US$63.9 billion last year, leading the world in green IT according to a report by The Associated Press (AP).
China ranked second only to Denmark in its green technology sector. The market contributed 1.4 percent of China’s GDP, compared with Denmark’s 3.1 percent noted the study, which was commissioned by the World Wildlife Fund for Nature (WWF).
China’s green IT sector grew 77 percent in 2010, said Ward van den Berg, senior research associate at Roland Berger Strategy Consultants which conducted the study.
Citing WWF economist Donald Pols, the AP report said: [quote]”The Chinese have made, on the political level, a conscious decision to capture this market and to develop this market aggressively.”[/quote]
He noted; in China, climate change is not an ideological issue but a fact of life. “While [the United States debates] climate change and the transition to a low-carbon economy, the debate is passed in China,” said Pols, noting that the Asian giant is already focusing on implementation. “It’s a growth sector, and they want to capture this sector,” he added.
Green IT growth in the U.S. has been substantial, at 28 percent per year, since 2008 but cannot compared with China, he said. He noted that the U.S. green tech market generated revenues worth 31.5 US$56.7 billion and was ranked 17th worldwide in terms of the market’s contribution, at just 0.3 percent, to the country’s GDP.
China’s solar cell market is also seeing a shift from export-targeted to home market-targeted, similar to what happened to the country’s wind energy equipment market several years ago, said Van den Berg.
Story from ZDNet
