(Yicai Global) March 30 -- The depth and breadth of renewable energy cooperation between China and other countries and the growing acceptance of the Chinese yuan in the international market were among a number of important issues discussed by government ministers and industry leaders at a recent forum.

Renewable energy storage costs are high and developing countries may not be able to afford it, Chimed Khürelbaatar, Mongolia’s deputy prime minister and minister of economic development, said at the Baoao Forum for Asia yesterday. Therefore, exporting renewable energies to large markets is a possible way out. For example, as a country located to the north of China, Mongolia can sell green energies to China.

“In the context of the global green economy, we are confident of cooperating with more international companies and expanding our business and influence,” said Zhang Chuanwei, chairman of China’s largest private wind turbine manufacturer Mingyang Smart Energy. In the past three years, most of the offshore and floating wind turbines used by Japan, the UK, Germany, Brazil and countries in Southeast Asia are from China, he added.

As one of the players in the low-carbon transformation to deal with environmental challenges in the Belt and Road Initiative, China Energy Engineering Corp. has signed more than CNY500 billion (USD72.6 billion) worth of contracts with Belt and Road countries in the past five years, accounting for over 10 percent of those signed by Chinese firms, Chairman Song Hailiang told Yicai Global. Despite the impact of the pandemic and the uncertain economic environment, the energy conglomerate maintained growth last year, he added.

“More and more countries are now using the redback to make payments for clearing and trade, which is an important step for the internationalization of the yuan, but the yuan still has a way to go,” Zhu Min, vice chairman of the International Monetary Fund, told Yicai Global.

In fact, China National Offshore Oil Corporation and France’s Total Energies conducted China’s first purchase of imported liquefied natural gas settled in yuan through the Shanghai Petroleum and Natural Gas Exchange on March 28, the first day of the forum.

Editor: Kim Taylor