Rakshith Shetty
China’s clean energy sector was the biggest driver of its GDP growth in 2023, contributing 40 percent (around $1.6 trillion) of its economic expansion. The country’s commitment to renewable energy is underscored by its substantial investments in the industry.
Take the solar sector as an example. Chinese investments in new photovoltaic (PV) supply capacity over the last 10 years exceeded $50 billion – ten times more than all of Europe. This investment surge has strengthened China’s energy independence and promoted substantial job creation, with over 300,000 manufacturing jobs across the solar PV value chain added since 2011. China now commands over 80 percent share in all manufacturing stages of solar panels, from polysilicon to modules, solidifying its global leadership in solar energy.
Moreover, China’s wind power sector continues to expand, evidenced by the addition of 37 gigawatts (GW) in wind capacity in 2022, including significant growth in offshore farms.
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