China’s Clean Energy Investments Near Total Global Spend on Fossil Fuels

ByTsvetana Paraskova– Feb 19, 2025, 6:00 AM CST

Clean energyimage

Chinese investments in clean energy rose again in 2024, to the equivalent of $940 billion, which was close to the total global investments in fossil fuels last year, Carbon Brief, a UK-based research group, said in a new report on Wednesday.

Last year, China’s investments of $940 billion, or 6.8 trillion Chinese yuan, were also of a similar scale to the overall size of the economy of Saudi Arabia, according to Carbon Brief’s research based on analysis of Finland-based Centre for Research on Energy and Clean Air (CREA).

‘;
document.write(write_html);
}

The research also found that clean energy technologies contributed more than 10% of China’s economic growth in 2024 for the first time ever, with sales and investments worth $1.9 trillion, or 13.6 trillion yuan. Without the growth in clean energy technologies, China would have missed its 5% GDP growth target, Caron Brief said.

The analysis used a broad definition of “clean-energy” sectors, including renewables, nuclear power, electricity grids, energy storage, EVs, and railways.

EVs, batteries, and solar power continued to dominate the economic contribution of clean energy in China, generating three-quarters of the value added and, attracting more than half of all investment in clean energy, the analysis found.

China is expected to see additional growth in clean energy investments this year, the last year of the 2021-2025 five-year plan. Going forward, the development of clean energy in China will depend strongly on the new targets and policies in the next five-year plan. These goals need to be ambitious for growth to continue, according to the researchers.

China has already achieved its 2030 renewable energy capacity target six years ahead of schedule, but it continues to invest in new coal-fired power capacity.

Despite soaring solar and wind power installations, China launched construction of as many as 94.5 gigawatts (GW) of new coal power projects in 2024, the highest level since 2015, research showed last week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com

Join the discussion | Back to homepage

 

  • Related Posts

    Aramco Looks to Strengthen Supply Network, CEO Reveals

    Aramco’s President and CEO, Amin H. Nasser, announced in the company’s latest results statement that the business is continuing to “explore additional overseas storage capacity”, as well as “alternative export…

    SOCAR Bets $1.65 Billion on U.S. Shale Gas Boom

    Azerbaijan’s state oil and gas company SOCAR has struck a deal with Comstock to acquire some of its assets in the Haynesville shale and an infrastructure subsidiary. The price tag…

    Have You Seen?

    Baywater Healthcare acquires UK nitrous oxide and oxygen supplier

    • November 5, 2026
    Baywater Healthcare acquires UK nitrous oxide and oxygen supplier

    Air Products exits two Chinese coal gasification projects

    • November 5, 2026
    Air Products exits two Chinese coal gasification projects

    Air Products eyes $4bn+ project pipeline as electronics-led backlog expands

    • November 5, 2026
    Air Products eyes $4bn+ project pipeline as electronics-led backlog expands

    Aramco Looks to Strengthen Supply Network, CEO Reveals

    • November 5, 2026
    Aramco Looks to Strengthen Supply Network, CEO Reveals

    Air Products sees no near-term helium supply recovery as 15-year deals emerge

    • November 5, 2026
    Air Products sees no near-term helium supply recovery as 15-year deals emerge

    Oil Prices Continue to Fall as Democratic Sweep Shakes Energy Markets

    • November 5, 2026
    Oil Prices Continue to Fall as Democratic Sweep Shakes Energy Markets

    EU Survey Reveals Massive Support for Renewable Energy Transition

    • November 5, 2026
    EU Survey Reveals Massive Support for Renewable Energy Transition

    SOCAR Bets $1.65 Billion on U.S. Shale Gas Boom

    • November 5, 2026
    SOCAR Bets $1.65 Billion on U.S. Shale Gas Boom

    IB Solar Signs MoU with German Companies to Establish Centre of Excellence for Solar Technology and R&D in Greater Noida

    • November 5, 2026
    IB Solar Signs MoU with German Companies to Establish Centre of Excellence for Solar Technology and R&D in Greater Noida

    European Commission launches first round of biomethane mechanism

    • November 5, 2026
    European Commission launches first round of biomethane mechanism