And, it turns out, Europe was also hoarding mountains of another commodity: solar panels.
Thats enough to power 20 million homes a year.
40% off TNW Conference!
An overwhelming 91% of this money was spent on panels from China.
Chinas dominance over the PV supply chain means they can offer quality panels at dirt cheap prices.
Today, Chinese solar panels are up to two-thirds less expensive than those made in Europe.
It also wants to produce 40% of the panels it useslocallywithin the same timeframe.
But, currently, locally-made modules cannot compete with cheaper imports, not by a long shot.
Currently, it seems Europe is opting for the latter.
Most of these countries imported far more panels than they installed.
Story bySion Geschwindt
Sion is a freelance science and technology reporter, specialising in climate and energy.
