As the United States torpedoes climate action and Europe struggles to realize its green ambitions, a surprising shift is taking hold in many large, fast-growing economies where a majority of the world’s people live.
Countries like Brazil, India, and Vietnam are rapidly expanding solar and wind power. Poorer countries like Ethiopia and Nepal are leapfrogging over gasoline-burning cars to battery-powered ones. Nigeria, a petrostate, plans to build its first solar-panel manufacturing plant. Morocco is creating a battery hub to supply European automakers. Santiago, the capital of Chile, has electrified more than half of its bus fleet in recent years.
Key to this shift is the world’s new renewable energy superpower: China.
Having saturated its own market with solar panels, wind turbines and batteries, Chinese companies are now exporting their wares to energy-hungry countries in the developing world.
In effect, Chinese industrial policy is shaping the development trajectory of some of the world’s fastest-growing economies.
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