China powers $659b global renewable investment wave

WEF data shows China outspends its nearest rival by 60%, leading global solar and battery chains.

China is the largest investor in clean energy, with spending reaching $659b in 2024, 60% higher than the next largest investor, according to data from the World Economic Forum (WEF).

According to the WEF’s Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy report, between 2019 and 2024, China’s clean energy investment grew at a 12% compound annual growth rate, compared with 13% in the European Union, 10% in the United States, 8% in South America, 12% in India, 1% in South East Asia, and 11% in Africa.

China accounts for 60% of global renewable electricity capacity additions in 2024, up from 43% in 2015.

The share of renewable energy in primary energy consumption reached 17%, compared with 22% in the European Union and 12% in the United States.

In sector electrification, China reached roughly 35% in buildings, around 32% in industry, and 5% in transport, compared with EU and US shares of 38% to 50% in buildings, 32% and 25% in industry, and 2% and 1% in transport, respectively.

China also dominates manufacturing and processing in key greentech value chains with its share of solar PV polysilicon production is 79%, solar PV cell production is 85%, battery anode production is 84%, battery cell production is 76%, and wind turbine manufacturing is 56%.

China leads in processing rare earths at 87% and holds the largest share of patents in solar PV at 52%, electric vehicles at 49%, energy storage at 48%, and hydrogen technology at 40%.

The European Union leads in wind technology at 41% and carbon capture at 40%, while the United States ranks second or third in most categories.