China Is Keeping the Wind Power Revolution Blowing
The West must spend more money on clean technology to rewire the world’s energy systems.
Blowing in the wind.
Photographer: Andrea Verdelli/BloombergFor the past few years, the global wind industry has been stuck in the doldrums. With rising interest rates and materials costs whittling away developers’ profit margins, and political and economic elites cooling on the energy transition, installations of new turbines went sideways. Even as the electric vehicle and solar industries gathered speed, wind ran into turbulence. The sector was left drenched in red ink, project cancellations, and failed auctions.
That appears to be ending — but don’t get your hopes up too much. If wind is recovering, credit goes to the nation that’s currently the bogeyman stalking the EV and solar sectors: China.