China assumes control in the shift towards renewable energy
In the rapidly evolving landscape of the global energy sector, China stands as a colossal player, commanding more than 70% of the global photovoltaic market. This dominance has propelled China to the forefront of the global energy transition, a role it has embraced with fervour.
In 2024, China installed twice the combined wind and solar capacity of the rest of the world, solidifying its position as a central actor in this transformative shift. This impressive feat is a testament to the country's commitment to clean energy and its ambition to become a leading technological power of the 21st century.
The clean energy sector in China generates millions of jobs, contributing significantly to its economy. This sector now represents 10% of China's GDP, amounting to around $1.9 trillion. China's dominance extends beyond its borders, as it is the leading manufacturer of wind turbines, solar panels, and electric vehicles on a global scale.
China's green leadership isn't without contradictions, however. Despite its strides in renewable energy, its coal consumption remains substantial. Critics deem China's climate plans as 'highly insufficient,' but the country is showing signs of change.
Beijing is expected to present a new national emissions reduction plan at COP30 in Belém, which could mark the beginning of the irreversible decline of coal. This move would be a significant milestone, as China could reach its emissions peak this year, reshaping the fight against the climate crisis and global geopolitical balance.
In a bid to reinforce its commitment to carbon neutrality, China aims to demonstrate its clear emission reduction targets at COP30. The country has also sealed a strategic alliance with the European Union to ensure 'ambitious and equitable' results in tackling climate change.
Beijing is emerging as an indispensable provider of clean technologies for emerging economies and strategic partners such as the European Union, India, or Brazil. China's green leadership isn't just about dominance; it's about setting the pace and direction of the energy transition.
While the US clings to a fossil past, China is marching towards a future that will set the pace and direction of the energy transition. Under the Trump administration, the U.S. has closed climate research centers, cancelled $22 billion in clean energy projects, and reduced wind investment to its lowest level in a decade. In contrast, China is seeking political and financial leadership in the global energy transition.
In the 21st century, global hegemony will be measured in gigawatts of renewables and tons of emissions avoided, and China is already several lengths ahead. As Xi Jinping reinforces the multilateral narrative, assuring that China will not reduce its climate efforts or international cooperation, it becomes increasingly clear that in climate geopolitics, whoever controls tomorrow's energy also controls the global economy and politics. And today, that player already has a name.
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