Earlier this month it was reported that an astounding $175 billion was spent globally on renewable energy projects during the first three business quarters, with Chinese investment in solar resources at a record high. China isn’t the only Asian country that is dedicated to investing in clean energy; Japan is reportedly the second-biggest solar market. With this palpable shift in focus on clean energy, the U.S. is now beginning to invest in clean energy abroad.
According to Sarah Batiuk, contributor for Asia Matters For America, “Under an agreement recently announced by US Trade Representative Michael Froman, a US-based investment group will partner with the Burmese government in developing the first-ever solar energy project in Myanmar’s Mandalay region,” a project that will become operational by 2016. Batiuk also makes mention of the US Asia-Pacific Comprehensive Energy Partnership, an initiative that serves in part as a way to establish international green energy projects.
With China holding the title for greatest investor in solar energy worldwide, it’s only a matter of time before the United States looks to invest in Chinese clean energy resources. Sean King, vice president of Park Strategies and expert on U.S.-Asian relations, has spoken out before about U.S. investment overseas. “We shouldn’t reject every potential Chinese investment out of hand, not least those investments that have no national security or public sector component to them and that can aid our currently challenged economy,” King has noted about potential investments with Asian countries.
Aside from economical reasons, of which there are many, clean energy has become even more appealing as awareness about global warming and climate change increases globally. Experts believe that the Asian solar boom will only continue to increase levels of clean energy investment moving forward. With the United States already partnering with Myanmar, it would appear that this trend will continue.
Learn more about global investments in clean energy by reading findings from the Bloomberg New Energy Finance Report.