China accounted for nearly half of the world's low-carbon spending in 2022, which could challenge U.S. efforts to bolster domestic clean energy manufacturing.
China once again topped the world in clean energy investments last year, a trend that could challenge U.S. efforts to develop more homegrown manufacturing.
China also dominated in low-carbon manufacturing, accounting for more than 90 percent of the $79 billion invested in that sector last year, according to the report. The Inflation Reduction Act aims to counter China's dominance by offering billions of dollars in subsidies to domestic manufacturing. One major provision, for example, will offer consumers thousands of dollars in tax credits when purchasing an electric vehicle — but only when the bulk of battery components are made or assembled in North America.
“Even in a sort of, say, optimistic scenario, I think China's still going to remain dominant for the next decade or more. But it could mean that we see sort of these parallel supply chains develop,” he said. The task could be even more difficult if tensions between China and the U.S. increase, curtailing the ability of U.S. companies to access Chinese expertise on clean energy development, Vagneur-Jones said.
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