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• The majority of investments were in electricity generation. Twenty-seven of the wind investments were in wind farms predominantly carried out through joint ventures, as were most of the 41 solar investments. Several investments were made in manufacturing facilities and to establish sales and marketing offices. Most of the investments were concentrated in a few developed countries: the United States, Germany, Italy, and Australia. A handful of developing countries, including South Africa, Pakistan, and Ethiopia, also attracted investments.

• China’s investments in the wind and solar industries are driven by a multitude of factors including macroeconomic conditions; industry conditions; policies (both general and specific to the wind and solar industries) that “push” Chinese companies to invest overseas; policy incentives in host countries that “pull” Chinese investors; and financial support from Chinese banks that “enables” these investments.

• China is driven to seek solar and wind markets overseas largely because its manufacturing capacity exceeds domestic demand. The Chinese government’s policy support and financial support—mainly from state-owned banks that respond to government policy—encourage this overseas investment trend. Host countries’ policies have also attracted investments from China’s solar and wind industries, either advertently through tax breaks, feed-in tariffs, or bilateral cooperation agreements, or inadvertently as a “side-effect” of policies discouraging imports.

Although the analysis in this working paper points to interesting trends and provides useful insights that enhance our understanding of China’s role as an overseas investor in the wind and solar industries, it is limited by a paucity of information. Beyond the data collected for the 124 investments, the authors also reviewed literature and carried out interviews to deepen the analysis. The analysis is confined to a subset of the renewable energy sector rather than the full range of possible low-carbon investments. The inadequacy of the data does not allow an analysis of the emissions impact of these investments. These limitations suggest areas for further research that could help improve an understanding of China’s potential to reduce emissions beyond its borders, and would allow policy analysis on how China could increase this positive impact, particularly in developing countries.