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It accounts for almost 40% of global investment in clean energy

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WHICH COUNTRIES should shell out more to save the planet? That is one of the big questions being asked at COP29, the UN’s climate summit in Baku this month. A common answer is China, which Westerners accuse of contributing too little to efforts aimed at helping poor countries cope with climate change. For nearly two decades China, the world’s second-largest economy, has been the biggest emitter of carbon dioxide.

Chinese officials push back, arguing that their country is still developing and that it is responsible for fewer historical emissions than America and Europe. But their strongest counter-argument is that China is already spending more than any other country on the green transition. It is driving global investment into clean-energy technologies, which, as a result, are being rolled out around the world at rates unimaginable just a decade ago.

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Chinese money props up every stage of the clean-energy supply chain. Between 2018 and 2023 global investment in the refineries and factories that turn raw materials into wind turbines, electric vehicles (EVs) and other green technologies came to $378bn, according to BloombergNEF, a research firm. Nearly 90% of that came from China (see chart 1).

Thanks to these investments, China produces far more clean-energy equipment than any other country. Its companies manufacture enough lithium-ion batteries (which are used to power EVs) to satisfy the whole of global demand. Eight in ten of the world’s solar panels are made in China, according to the International Energy Agency, an intergovernmental body. By building whopping economies of scale and competing with each other fiercely, Chinese companies have slashed costs.

Chart: The Economist

China is not only supplying these technologies, it is driving demand for them. More than half of its electricity is still generated by coal. But last year Chinese firms plugged some 300 gigawatts of wind- and solar-power capacity into the grid, nearly two-thirds of the amount installed globally. (For comparison, Britain’s total power capacity is 100 gigawatts.) In June the world’s biggest solar farm came online in western China. It covers an area twice the size of Manhattan. China is also building more nuclear-power plants than any other country. Last year global spending on the deployment of clean-energy technologies came to $1.8trn, according to BloombergNEF, of which 38% occurred in China (see chart 2).

When it comes to the size of such outlays, China has two big advantages over other countries. Thanks to a high savings rate, it has long relied on investment, rather than consumption, to drive economic growth. And its government is able to direct much of that investment to sectors it favours. After the global financial crisis of 2007-09, officials pushed vast amounts of money towards property, roads and railways. Over the past decade the state has increasingly targeted clean energy.

Some of what China is doing to mobilise investment would be familiar elsewhere. Like Germany and Japan, it has incentivised the generation of renewable power by guaranteeing an above-market price for it (what is known as a feed-in tariff). China has also encouraged its companies to issue green bonds, financial instruments that channel funds towards environmentally friendly projects. China is the world’s largest market for them.

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• Climate change and Donald Trump
• The energy transition will be much cheaper than you think
• How to frame the argument over clean power in Britain
• King coal is dirty, dangerous—and far from dead
• How to pay for the poor world to go green
• Artificial intelligence is helping improve climate models
• Podcast: How to end coal

But it is in other forms of state support for the clean-energy sector that China stands most apart. So-called “government guidance funds” have taken stakes in private businesses to support research and development. State-run banks have handed out lots of cheap loans. And local governments have competed to offer firms generous subsidies in the form of inexpensive land and lower taxes. China’s EV-makers, for example, received $231bn in subsidies between 2009 and 2023, reports the Centre for Strategic and International Studies (CSIS), a think-tank in Washington, DC.

Waste is a big problem. Investments are often replicated, as different regions of China vie to create their own champions. By offering so many subsidies, local governments have added to their big debt loads. And because production has outpaced domestic demand, clean-energy industries are suffering from overcapacity. As a result, China’s battery and solar manufacturers are undergoing a wave of painful consolidation.

Western governments point to these handouts when accusing China of unfair competition. But China’s clean-energy success is down to a number of factors, says Lauri Myllyvirta of the Centre for Research on Energy and Clean Air (CREA), a think-tank in Finland. It has long been a manufacturing powerhouse and is full of engineering graduates. China’s demand for power is still growing fast, creating a reliable market for new generating capacity. (Many Western countries, by contrast, saw power demand stagnate or fall in the 2010s.) And Chinese firms—such as CATL, the world’s largest maker of lithium-ion batteries, and BYD, an EV giant—have proved to be agile and innovative.

Still, China’s sending of green technologies abroad has provoked a backlash. America and the European Union have accused it of flooding international markets with artificially cheap goods, making it impossible for their own firms to compete. Both have imposed steep tariffs on things like Chinese EVs. America’s next president, Donald Trump, is threatening a trade war.

In the face of all this, China’s policies are evolving. As clean-energy industries have matured, the state has reduced its support. Feed-in tariffs for renewable power were rolled back in 2021, after solar and wind became cost-competitive with fossil fuels. Schemes to subsidise purchases of EVs are being wound down.

This does not foreshadow a collapse. China still needs lots of power and, even if it did not have a target of reaching net zero emissions by 2060, the fact that renewables are now cheap guarantees that a lot will be used. Chinese leaders, anxious about relying on imported oil and gas, like the increasing diversity of their energy mix. Last year investments in the field accounted for 40% of China’s GDP growth, according to calculations by CREA.

China’s ruler, Xi Jinping, has dubbed clean energy one of the “new productive forces”, or cutting-edge technologies that he wants his country to dominate. This means the success of the clean-energy sector is now linked to Mr Xi himself, says Ilaria Mazzocco of CSIS. “These have become priority industries, no matter how tough the times get.” Put another way: China will continue to make the world’s transition to clean energy easier—if the world lets it. ■

Subscribers can sign up to Drum Tower, our new weekly newsletter, to understand what the world makes of China—and what China makes of the world.

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ChinaRenewable energyClimate change.css-2x8c4j{margin:0.875rem 0;}.css-2x8c4j .e12sz0jx0+*{margin-top:0.875rem;}.el1rg701+.css-2x8c4j{margin-top:0;}.css-1aogxph{color:var(–mb-colour-greyscale-london-20);font-family:var(–mb-typeface-sans);font-size:var(–mb-typestyle-label-2-size);font-variant:var(–mb-typestyle-label-2-figures);line-height:var(–mb-typestyle-label-2-leading);}.css-1aogxph s,.css-1aogxph del{-webkit-text-decoration:line-through;text-decoration:line-through;text-decoration-thickness:0.0625rem;}.css-1aogxph b{font-weight:var(–mb-font-weight-semibold);}.css-1aogxph i{font-style:italic;}.css-1aogxph sup{font-feature-settings:’sups’ 1;}.css-1aogxph sub{font-feature-settings:’subs’ 1;}.css-1aogxph u{text-decoration-thickness:0.0625rem;}.css-1aogxph a{color:var(–mb-colour-greyscale-london-20);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-underline-offset:0.1875rem;}.css-1aogxph a:hover,.css-1aogxph a:focus,.css-1aogxph a:active{text-decoration-thickness:var(–mb-spacing-3xs);}.css-1aogxph a:hover{color:var(–mb-colour-base-chicago-30);}.css-1aogxph a:hover span{text-decoration-color:var(–mb-colour-base-chicago-30);}.css-1aogxph a:focus{background-color:var(–mb-colour-base-chicago-90);color:var(–mb-colour-greyscale-london-5);text-decoration-color:var(–mb-colour-greyscale-london-5);outline:none;}.css-1aogxph a:active{background-color:var(–mb-colour-base-chicago-90);color:var(–mb-colour-base-chicago-30);text-decoration-color:var(–mb-colour-base-chicago-30);}

This article appeared in the China section of the print edition under the headline “Big spender”

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China

November 16th 2024

• →Mega-polluter China believes it is a climate saviour 
• →A spate of horrific car-rammings shakes China
• →China’s stimulus falls short, as a showdown with Trump looms
• →China’s greatest dumpling run

.css-ra48xw{font-family:var(–mb-typeface-serif);position:relative;}.css-duuyjs{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:column;-ms-flex-pack:column;-webkit-justify-content:column;justify-content:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;text-align:center;-webkit-column-gap:var(–mb-spacing-lg);column-gap:var(–mb-spacing-lg);}.css-s61v3v{border-radius:0.125rem;box-shadow:-0.125rem 0.125rem 0.25rem 0 rgba(0,0,0,0.4);margin-bottom:0.75rem;min-width:10rem;max-width:12rem;}@media (min-width: 37.5rem){.css-s61v3v{min-width:12rem;}}.css-s61v3v img{display:block;max-width:100%;}.css-std7t4{max-width:16rem;}.css-nba04v{color:var(–mb-colour-greyscale-london-5);font-family:var(–mb-typeface-serif);font-size:var(–mb-typestyle-title-3-size);font-variant:var(–mb-typestyle-title-3-figures);font-weight:var(–mb-font-weight-medium);line-height:var(–mb-typestyle-title-3-leading);margin-bottom:0.25rem;}

From the November 16th 2024 edition

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⇒Explore the edition.css-v7aorn{margin-top:0.875rem;}.css-v7aorn +.eq1asik0{margin-top:3rem;padding-bottom:0;}.el1rg701+.css-v7aorn{margin-top:0;}.css-9ejc71{position:relative;border-bottom:0;border-top:0.0625rem solid var(–mb-colour-greyscale-london-85);color:var(–mb-colour-greyscale-london-35);}.css-9ejc71 .ebxshaw0{margin-top:0;}.css-9ejc71 >.e5z0ibw0>*{padding:var(–mb-spacing-md) 0;}.css-9ejc71 >.e5z0ibw0>*:nth-of-type(2){border-top:0.0625rem solid var(–mb-colour-greyscale-london-85);}@media (min-width: 37.5rem){.css-9ejc71 >.e5z0ibw0>*:nth-of-type(2){border-top:0;}}.css-9ejc71 >.e5z0ibw0 .e5z0ibw0{gap:var(–mb-spacing-sm);}.css-yb4x8x{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:stretch;-webkit-box-align:stretch;-ms-flex-align:stretch;align-items:stretch;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;}@media (min-width: 37.5rem){.css-yb4x8x{-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;}}@media (min-width: 37.5rem){.css-yb4x8x{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}}@media (min-width: 37.5rem){.css-yb4x8x{-webkit-box-pack:end;-ms-flex-pack:end;-webkit-justify-content:flex-end;justify-content:flex-end;}}.css-1j1j36d{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-flex-wrap:wrap;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;row-gap:0.6rem;-webkit-column-gap:var(–mb-spacing-sm);column-gap:var(–mb-spacing-sm);}ShareReuse this content.css-169lzn0{position:relative;-webkit-align-self:auto;-ms-flex-item-align:auto;align-self:auto;display:none;}@media (min-width: 80rem){.css-169lzn0{grid-column-start:9;}}@media (min-width: 89rem){.css-169lzn0{grid-column-start:13;}}@media (min-width: 80rem){.css-169lzn0{grid-column-end:13;}}@media (min-width: 89rem){.css-169lzn0{grid-column-end:17;}}@media (min-width: 80rem){.css-169lzn0{grid-row-start:1;}}@media (min-width: 80rem){.css-169lzn0{grid-row-end:span 4;}}@media (min-width: 80rem){.css-169lzn0{display:block;}}.css-169lzn0:last-child::after{height:0;}.css-1y1zooy{display:inline;}.css-1y1zooy >*+*{margin-top:2rem;}.css-1y1zooy >*:only-child{margin-top:1.25rem;}.css-1y1zooy >*:last-child{position:-webkit-sticky;position:sticky;top:1.5rem;}.css-mqgbir{margin-top:6rem;}.css-mqgbir .ds-section-headline{margin-bottom:1rem;}

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Chinese authorities try to stop parents gaming the exam system (again)

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They will go to great lengths to try

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China’s alarming sex imbalance

By 2027 one in six young Chinese men won’t be able to find a partner

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Behind DeepSeek lies a dazzling Chinese university

It models itself on Stanford, and is in the tech hotspot of Hangzhou

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Panama symbolises the Sino-American struggle for influence

The superpowers use soft and hard power

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Tensions with the West are fuelling China’s anxiety about food supplies

Grain pains are growing

Hail China’s new “ice-and-snow economy”

The country is betting on winter sports and tourism to boost growth in its rustbelt

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Источник: www.economist.com