China has seen a huge increase in investment related to critical minerals essential for sourcing green energy products since President Joe Biden signed his signature climate bill in 2022, according to a recent analysis published by Australia's Griffith University.
By way of the Chinese Communist Party's Belt and Road Initiative, Chinese entities in 2023 massively stepped up their investments in mining minerals such as lithium, copper, and nickel, all of which are essential for manufacturing products such as the lithium-ion batteries that power electric vehicles, according to the Griffith Asia Institute's report.
Last year's totals for Belt and Road Initiative mining investment grew by 158% relative to 2022, and the Griffith Asia Institute projects more growth in such investment targeting green energy, mining, and related activities through the rest of 2024.
In the first full year after Biden signed the law, Chinese entities invested more than $19 billion in mining-related projects, with about $15 billion of that investment poured into mining nickel, lithium, copper, and aluminum, according to the Griffith Asia Institute.
Since Biden took office, the private sector has poured more than $360 billion into green energy-related investments, according to the White House.
"We're all better off if China does well-if China does well by the international rules. It grows the economy we're not looking to decouple from China."
Some level of apprehension exists within the Biden administration about Chinese green energy products.
No comments:
Post a Comment