China becomes world's largest investor in energy transition

China, with continuous technological innovation in new energy during the past few years, has become the world's largest investor in energy transition, and has contributed substantially to global energy transition and a clean world, said a white paper issued on Thursday.

The country's investment in energy transition reached $676 billion last year, making it the world's largest investor in this field, according to the white paper titled "China's Energy Transition", released by China's State Council Information Office, which documents the country's successful actions and historic achievements in this field over the past decade.

The country has doubled its efforts in technological innovation to upgrade new energy technology at a faster pace, contributing enormously to a sharp reduction in the costs of wind power and photovoltaic power worldwide, it said.

China has worked with more than 100 countries and regions on green energy projects, while its new energy industry has added to the global energy supply, eased global inflation pressures, and contributed to the global effort to combat climate change and transition to green development.

China's exports of wind power and photovoltaic products helped other countries reduce carbon dioxide emissions by about 810 million metric tons in 2023, according to the white paper.

China's green energy development has become an engine for global energy transition. Since 2013, China has been responsible for over 40 percent of the annual additions to global renewable energy capacity. In 2023, the newly installed capacity in China accounted for more than half of the world's total, said, Zhang Jianhua, head of China's National Energy Administration. 

As a strong advocate of global energy transition, China will work with other members of the international community to plan energy cooperation together, address global climate change, promote harmony between humanity and nature, and create a clean and beautiful world for all, he said.

Full text: China's Energy Transition