China’s renewable energy market does not need foreign technology and money said Mark Hutchinson, vice president of APAC power and renewables consulting at global energy consultancy Wood Mackenzie.
“Right now, China’s renewable energy sector is government driven. Going forward, it will be more economically driven,” Hutchinson told CNBC at the Asian Clean Energy Summit in Singapore last Wednesday.
Many Chinese energy companies receive help from the government in the form of direct investments and large subsidies. But that will likely change soon, Hutchinson said.
Although China’s growth has slowed, he said, investors need to keep in mind that it’s part of the process for maturing economies.