China has what it takes to achieve its targets in transitioning to clean and renewable energy even without foreign funding or technology, global energy consultancy Wood Mackenzie said in a recent report.
According to CNBC, vice president of APAC power and renewables at Wood Mackenzie, Mark Hutchinson, noted that China has its own "homegrown technology in wind and solar" so it does not need foreign assistance in its bid towards clean energy.
While other Asian countries are seeking help from bigger economies for funding, China's technological advancement in energy is enough to propel goals in hopes of eliminating coal use in the future.
Hutchinson noted outside the world's second-largest economy, Chinese companies are often underestimated in terms of capabilities in advancing or morphing the energy industry.
While underestimation is common in the global market, Hutchinson said he saw massive improvements in Chinese technology under the energy sector in his 25 years of overseeing the Asian unit of the consultancy firm.
Another factor that has had a significant impact on the country's energy transition and self-sufficiency is the "good relationships" among state-run companies and private firms in the sector.
The report added that China continues to pursue decarbonization by putting out massive amounts of renewable power in the market. The government has also been quick in approving the construction of wind and solar farms across the country.
As part of the Chinese energy industry's efforts in making a shift to renewable sources, the province of Shandong recently announced major steps in achieving a more renewable sector in the region.
According to Xinhua, Shandong is a major industrial province in the country and it is continuously building photovoltaic stations as well as wind farms in a bid to reduce China's overall coal consumption.
The Energy Administration of Shandong Province said that this year, the goal is to develop renewable resources that will promote green energy use in the province. To achieve this goal, the local government will cooperate with big firms in the sector.
Last month, Chinese Premier Li Keqiang said China will continue to promote energy transition and improvements in power security in the country to help enhance the livelihood of citizens working in the industry.
Li noted that the transition will be effective if energy companies make an effort to promote green coal mining as well as continue to diversify the market's offers. He said Chinese firms should explore options in various power resource markets.
China is one of the biggest coal consumers in the world but it is also a leader in solar and wind energy as the nation pursues clean energy consumption.
