China is cementing its position as the dominant force in global clean energy investment, driving down equipment costs and playing a pivotal role in the worldwide shift toward sustainable energy, according to a report released recently by the International Energy Agency.
Over the past decade, China's share of global clean energy investment has surged from one-quarter to one-third, underpinned by strategic investments in a wide range of technologies, including solar, wind, hydropower, nuclear, batteries and electric vehicles.
Its vast supply chain system has also significantly contributed to a rapid decline in global clean energy equipment prices, the report noted.
China is continuously enhancing its leadership in emerging low-carbon technologies, driving energy industry development through investments in renewable energy and improved energy efficiency, it said.
"When the IEA published the first-ever edition of its World Energy Investment report nearly 10 years ago, it showed energy investment in China in 2015 just edging ahead of that of the United States," said IEA Executive Director Fatih Birol.
"Today, China is by far the largest energy investor globally, spending twice as much on energy as the European Union — and almost as much as the EU and United States combined."
The increasing investment has further driven down costs of Chinese solar modules and wind turbines, which have fallen by 60 percent and 50 percent, respectively, since 2022, it said.
Industry experts believe technological advancements by Chinese wind and solar companies are crucial for driving down the levelized cost of electricity derived from green power, making it a more competitive and attractive energy source globally than fossil fuels.
"The relentless innovation from China's renewable energy sector is a game-changer, translating directly into lower costs and greater deployment potential, accelerating the global energy transition away from fossil fuels," said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.
Chinese renewable energy companies' relentless focus on research and development has been widening the gap between the nation and other regions.
Chinese solar technology giant Longi Green Energy Technology Co Ltd announced two new world records for solar cell efficiency in June, including a 33 percent conversion efficiency for a commercial-size (260.9 square centimeters) silicon-perovskite tandem solar cell and 26 percent efficiency for a crystalline silicon module, further cementing China's leading position in the global photovoltaic industry.
Li Zhenguo, founder of Longi, said the dual breakthroughs are the best proof of the company's continuous investment in R&D and its commitment to pushing the limits of efficiency.
Longi vowed to continue to drive PV to become the main source of energy globally.
Cecilia Tam, head of the energy investment unit of IEA, emphasized China's profound impact, highlighting the nation as the dominant force in global energy investment, with global trends largely dependent on the development of the Chinese market.
China, a major investor and producer of clean energy that manufactures a large volume of clean energy equipment, has been driving the application of new energy technologies in the clean energy sector at a fast pace and large scale, playing a leading role globally, said Tam.
China's successful experience in terms of policy can also accelerate the adoption of clean energy in other countries and help them build their domestic energy markets, she added.
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