China spends more on energy efficiency than U.S. in 2013

In 2013, China overtook the United States as the global leader in energy efficiency spending. The Chinese government allocated $4.3 billion for new energy technology last year, making up nearly one-third of global energy investments. Worldwide energy efficiency spending rose nearly 5 percent in 2013 – bringing the total up to $15 billion – though spending in North American countries fell 33 percent to $3.3 billion.

A major reason for the rise in energy efficiency investments around the world is the creation of new technology that is specifically designed to monitor energy consumption. In 2012, $4.4 billion was used to fix various issues in power grids, a figure that jumped by $1 billion in 2013. The reason for such a massive spike in such a short period of time has been partly attributed to an increased dependence on renewable energy sources.

China has emerged as a global leader on efficient spending and will remain a driving force between now and the end of the decade. A report from Bloomberg Finance found that there is a shift in focus in the United States, as it is concentrating more on making money through power grid data that is already available, instead of working on the development of new technology. Asian and European markets will be the ones to make advances in the energy market for the foreseeable future.

While the United States is ceding ground to China in the energy efficiency market, there are plenty of things an individual can do to reduce the energy consumption of their own home. For an easy way to increase your home energy efficiency, Alban Inspections recommends the use of LED bulbs.