China’s clean energy investments have reached a record high of $940 billion in 2024, driven by significant growth in the electric vehicle, battery, and solar industries.
China’s clean energy investments reached a record high of $940 billion in 2024, with over half of this investment coming from the electric vehicle, battery, and solar industries. This significant growth is a testament to China’s commitment to transitioning towards a cleaner and more sustainable energy mix.
The sector’s contribution to China’s GDP increased to 10% in 2024, up from 9% in 2023. Clean energy industries such as batteries, power generation, renewable manufacturing, and electric vehicles grew three times faster than the Chinese economy. However, their contribution to economic growth decreased to 26% of GDP in 2024, from 40% in 2023, due to cooling growth in the clean energy economy.
China’s electric vehicle industry was the largest contributor to GDP, with $3 trillion coming from electric vehicle and hybrid production, and $1.4 trillion from factory investment. Charging infrastructure added a further $122 billion. Solar followed closely behind, contributing 2.8 trillion yuan, including 1 trillion yuan for power generation projects and 779 billion yuan for solar manufacturing.
China saw an unprecedented surge in solar installations in 2024, with a 45% increase compared to the previous year. According to data from the International Renewable Energy Agency, China now has 887GW of installed solar power – six times more than the US.
Solar energy is becoming increasingly popular worldwide due to its sustainability and environmental benefits.
According to the International Renewable Energy Agency (IRENA), solar power capacity has grown by over 20% annually since 2010, making it one of the fastest-growing renewable energy sources.
In 2022, solar accounted for 3% of global electricity generation, with countries like China and the United States leading the charge in solar adoption.
While China’s clean energy investments are on track to meet its targets for 2025, researchers emphasize the need for more ambitious targets from 2026 to 2030. The National Development and Reform Commission is moving to reduce subsidies for renewable energy projects, which may impact future growth. However, with continued rapid growth in clean power investments, China remains a leader in the global transition towards a cleaner and more sustainable energy mix.
- yahoo.com | China’s clean energy investments reached $940bn in 2024
- power-technology.com | Chinas clean energy investments reached $940bn in 2024
