Global energy security is under increasing threat by China’s overwhelming dominance of the renewable supply chain, US Energy Secretary Jennifer Granholm warned the Sydney Energy Forum
Global energy security is under increasing threat by China’s overwhelming dominance of the renewable supply chain, US Energy Secretary Jennifer Granholm and International Energy Agency chief Fatih Birol have warned the Sydney Energy Forum.
Dr Birol said 80 per cent of solar cells were produced by China and that by 2025 that figure will be around 95 per cent. Both Granholm and Birol stressed the need for the rest of the world to begin to ramp up their own production and supply chains for renewable technology. Bowen and Granholm signed the Australia - US Net Zero Technology Acceleration Partnership to develop low emissions and renewable energy technologies, as well critical mineral supply chains to diversify the global market that is currently dominated by China. Australia also joined a multilateral partnership to boost secure global supply chains for critical minerals, joining the US, Canada, France, Germany, Japan, the UK and others.
He said while Europe and the United States was beginning to ramp up its efforts on solar production, it was likely only India could compete with China on cost. He noted that the 1970s oil crisis had accelerated the development of nuclear energy and fuel-efficient vehicles. He said this crisis was deeper as climate change impacts the world and hits gas and coal prices as well as oil.
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