Again, they are also investing nearly a trillion dollars in green energy. That's the point, dummy.
China spent more than
twice as much on its green transition in 2023 than any other country, and this investment has made it a global powerhouse in clean energy production.
Battery technology is a case in point. China is home to the world’s largest suppliers of components for lithium-ion batteries, upon which EVs depend for power. Chinese EV battery makers had a global market share of
60% and grew their exports by 30% year-on-year in 2023.
China is similarly dominant in its embrace of low-emission hydrogen, a residue-free energy source that releases steam instead of smoke. The largest green hydrogen project on the planet is located in
China, as are around
40% of the world’s hydrogen refuelling stations. These stations support a small but
quickly growing population of hydrogen fuel cell vehicles.
Solar and wind energy are also areas of strength. In 2023, the country
commissioned as much solar photovoltaic capacity as the entire world did the year before and was responsible for
75% of global wind farm installations.
The rapid growth of green technology production in China has helped
cut green energy costs worldwide, making sustainable energy solutions more accessible than ever for billions of people.