The aggressive capacity expansion has already forced solar panel prices down dramatically this year and is prompting concern among US producers that are banking on a government-backed domestic manufacturing boom.
The United States and India combined have announced more than 200GW of module capacity plans since 2022, Wood Mackenzie said.
"Despite strong government initiatives for developing local manufacturing in overseas markets, China will still dominate the global solar supply chain and continue to widen the technology and cost gap with competitors," Huaiyan Sun, the author of the report, said in a statement.
In order to be smart and sustainable, cities need a vision and the ability to attract young talents, says Brian Chi-ang Lin, Sustainability Professor and Business Adviser from National Chengchi University in Taipei, who was a visiting fellow at BC4LS in Budapest.
Singapore was already one of the top eight global financial hubs before the world financial and economic crisis of 2008, and has now overtaken Paris and Tokyo (Global Financial Centres Index 32). Strengthening Singapore’s role as a green finance hub was essential to accomplishing this.