According to a new analysis from the UK Carbon Summary, China's clean energy investment is close to 1.12tn in 2024.
Although growth has dropped from 40% in 2023 to 7% in 2024, Reuters The report said China's clean energy sector is still important.
More than half of China's clean energy investment comes from its electric vehicle, battery and solar industries.
According to Carbon Summary, the industry's contribution to China's GDP has increased to 2024, up from 9% in 2023 and up from 9% in 2023 (CREA).
The clean energy industry (such as batteries, power generation, renewable manufacturing and electric vehicles) is growing three times faster than the Chinese economy.
However, their contribution to economic growth in 2024 fell from 40% in 2024 to 26% in 2024 due to the cooling growth of the clean energy economy.
The decrease in contribution to GDP growth is attributed to the decline in prices of renewable energy equipment such as solar panels and batteries, although lower prices have increased the adoption of renewable energy.
China's electric vehicle industry is the largest GDP contributor, with electric vehicles and hybrid production of RMB 3 and factory investment of RMB 1.4tn yuan. The charging infrastructure has increased by another 12.2 billion yuan.
Solar energy subsequently made a contribution of 2.8tn yuan, including 1TN yuan for power generation projects and 779 billion yuan for solar manufacturing.
Researchers expect investment in clean electricity to continue to grow rapidly by 2025, the final year of the current five-year plan.
However, they highlighted plans to achieve more ambitious goals from 2026 to 2030 to maintain current levels of clean energy deployment.
China's National Development and Reform Commission and the country's International Administration are working to reduce subsidies for renewable energy projects.
In 2024, China held an unprecedented surge in solar facilities, up 45% from the previous year.
According to the International Renewable Energy Agency, the country now has 887GW of solar power – six times that of the United States.
“China’s clean energy investment reached US$940 billion in 2024,” originally created and published by global Data-owned brand Power Technology.
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