A new report by the UK-based research group "Carbon Brief" revealed that Chinese investments in clean energy experienced a significant increase in 2024, reaching $940 billion, which is almost equivalent to the total global investments in fossil fuels last year.
The report indicated that this huge amount, which is equivalent to 6.8 trillion Chinese yuan, is comparable to the size of the overall economy of Saudi Arabia, according to Carbon Brief's analysis based on data from the Finnish Centre for Research on Energy and Clean Air.
Contribution of Clean Energy to Economic Growth Research also showed that clean energy technologies contributed more than 10% to China's economic growth in 2024 for the first time ever. The sales and investments in this sector amounted to $1.9 trillion, or 13.6 trillion yuan.
The report explained that without this growth in clean energy technologies, China would have failed to achieve its GDP growth target of 5%.
The analysis concluded that electric vehicles, batteries, and solar energy continue to dominate the economic contribution of clean energy in China, generating three-quarters of the added value and attracting more than half of the total investments in clean energy.
Predictions for Further Growth in Clean Energy China is expected to witness additional growth in clean energy investments this year, the final year of the 2021-2025 five-year plan, as the development of clean energy in China will largely depend on new goals and policies in the upcoming five-year plan. Researchers believe these goals should be ambitious for continued growth in this sector.
Advanced Achievements and Ongoing Investments in Coal China has already achieved its 2030 clean energy target six years ahead of schedule, but it continues to invest in new coal-powered energy capacities, having initiated the construction of up to 94.5 gigawatts of new coal-fired power projects in 2024, the highest level since 2015.
