It will be interesting to see how rapidly China makes the shift to renewable energies in the face of domestic pressures from serious air pollution levels in cities across the country. Coal is a dirty business; and more Chinese residents are having to live with face masks and a life primarily indoors next to the air purifier. The Chinese government is making plans for reforms in the energy mix, because they know that coal is the main culprit in pollution which is damaging the health of its residents. Coal-fired power plants may soon be losing their place in the scheme of a modern China.
China Leading the World in Renewable Energy Business
Many of China’s estimated tens of thousands of coal mines are small and unsafe; and they may soon be obsolete. China is the biggest emitter of global greenhouse gases by far; twice as much as the U.S. However, experts can see signs that China will be making rapid and massive changes to its energy resource mix over the next couple of decades. China is shifting from an economy designed around heavy construction to one, which will be facilitating domestic service industries. In 2017, the services sector revenue was more than 50% of the nation’s GDP for the first time and dramatically impacting their currency’s foreign exchange rate.
Coal is on the nose worldwide, so beware producers like Australia and Indonesia. There are signs that Australia is cleaning up, but conservative governments like the Turnbull one, slow things down. The faster China shifts to renewables, the more the world will embrace this green future and the laggards who favour coal will fall away. Renovations to the energy resources industries everywhere will happen on a massive scale globally. Prices for solar and wind energy components will tumble and the industry will flourish.
Australia can be a good place to relax in; and it will be even better when the coal industry is finally mothballed for good. China will be a big part of that day happening sooner than some might think. Coal has been killing human beings for millennia: miners, city dwellers and too many Chinese people right now. Good governments look after their populations and China is turning the corner on that score. Postcolonial economies across the globe are starting to make big strides toward new futures and what they need is real encouragement and support from the developed world. Not short sighted businesses unfairly profiting from their situations.