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In the midst of the ongoing Russo-Ukrainian conflict, Western countries have put a plethora of sanctions on Russia in order to wear down the Russian economy. The United States and the United Kingdom recently announced additional energy sanctions against the Kremlin.
The United States placed an embargo on all Russian oil and gas imports, while the United Kingdom stated it would phase out Russian oil imports by the end of 2022. This unexpected desire to lessen reliance on Russian gas and oil would prompt Western big powers to look for alternatives. This could precipitate a transition to clean energy sources.
We have already heard statements from statesmen saying the same. German Chancellor Olaf Scholz called clean energy sources "critical for security" and underlined the need for renewable energy to be expanded more quickly. Furthermore, on March 8th, the European Commission released an energy plan in which it declared, "Following Russia's invasion, the case for a quick clean energy transition has never been stronger or cleaner."
As a result, European authorities have made finding sustainable energy sources a primary priority. However, there is a catch: Western countries just lack the infrastructure required to undertake a smooth transition to renewable energy sources, especially in such a short period of time.
This is when the Dragon comes into play. China not only leads the world in total installed wind and solar energy capacity (with 288 gigatonnes of wind energy capacity and 253 gigatonnes of solar energy capacity at the end of 2020), but it has also established itself as the primary supplier of the clean economy.
China is attempting to recover its pre-pandemic dominion, which spread from its own soil. China's economy is currently facing a slew of issues as a result of Covid mismanagement and foreign policy stalemate. As a result, China would be quite interested in profiting from the green agenda being pushed by Western governments.
Morgan Stanley, a renowned investment firm, forecasted a 15% growth in China's solar exports as a result. "The primary benefactor will be China's Longi Green Energy Technology Company, which is the world's largest solar company," they continued.
Furthermore, any attempts by the West to find non-Chinese alternatives would be futile.
According to Andrew Moore, president of UKSOL (a British solar company), "Wholesalers in the UK will not push slightly higher price[d] panels since the sector is governed by price, and the pricing is dictated by China."
Chinese enterprises also dominate the mining, battery, and manufacturing industries. With 1.3 million vehicles sold last year, China is the world's largest market for electric vehicles, accounting for more than 40% of global sales. CATL, a Chinese battery manufacturer, controls around 30% of the global EV battery market.
As the world transitions to electric vehicles, companies are racing to establish and expand their positions in the battery supply chain (EVs). The so-called "battery weapons race" is now being dominated by China. Despite a promised $174 billion investment in President Biden's new infrastructure package to "win the EV market," the United States remains far behind China.
Tesla, the world's most popular electric vehicle, attributes its success to China's manufacturing prowess. The vast majority of the batteries that power them are manufactured in China, and the materials that power them are primarily refined and mined by Chinese companies.
The Western world appears to be on the verge of generating a Frankenstein monster. Western sanctions against Russia are unlikely to deter Putin's goals, but they will intensify the rise of its main adversary China. The Western campaign on green energy will merely serve as a stepping stone for Dragon's hegemonic ambitions.
