Already the world’s largest investor in energy, China is poised to shore up that position in the coming years by continuing to splash out on renewable energy, as international experts say energy security has become a key driver in the growth of global investments this year.
China’s share of global clean energy spending has risen from a quarter to almost a third in the past decade, underpinned by strategic investments in a wide range of technologies, including solar, wind, hydropower, nuclear, batteries and EVs, according to the World Energy Investment 2025 report.
Issued annually by the Paris-based International Energy Agency (IEA), the report provides a comprehensive overview of last year’s investment landscape while offering insights into the emerging trends for this year. On Wednesday, the IEA co-hosted an event in Beijing with Energy Foundation China to discuss the report, which was published on June 5.
“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,” Fatih Birol, the IEA’s executive director, was quoted as saying in the report.
The IEA, which works with countries to shape energy policies for a secure and sustainable future, expects that China will account for the largest share of investments flowing into the clean-energy market by 2035, Haneul Kim, an energy investment analyst at the IEA, said during a panel discussion at the event.
For the world’s largest emitter of greenhouse gases to achieve President Xi Jinping’s goal of making China carbon-neutral by 2060, investments totalling US$19.5 trillion to US$36.2 trillion will be required over the next 35 years, said Du Xuan, a programme director at Energy Foundation China, during the panel chat.