China kicked off 2017 by announcing that it will invest more than $360 billion over the next four years on renewable power sources like solar and wind energy. It’s an ambitious commitment, but not a surprising one, as China is the world’s leading investor in renewables. The announcement, which estimates the creation of 13 million new jobs in the renewable energy sector, comes at a pivotal time as China’s cities have been plagued by dangerous and persistent smog and pollution, brought on by decades of reliance on fossil fuels.
It’s a massive investment for China, both environmentally and economically, but also for the rest of the world and the global economy, according to Steve Yatsko, Vice President with JLL’s Alternative Energy, who says green, clean energy just makes good business sense.
“There’s no longer a question of global warming,” Yatsko said. “Climate change is real and of course we want to take care of the planet. But taking care of the planet is truly an economic decision now — and economics point to renewables.”