Not only is China taking dramatic steps to transition to a green economy, the country’s leaders view this shift as an opportunity to overtake the United States as the world’s economic superpower.
China accounts for less than 18% of the global population but in 2023 installed
70% of the world’s added wind power capacity,
42% of all solar panels,
32% of all heat pumps, and accounted for
57% of all electric vehicle sales. China is also forecast to account for
44% of the world’s added nuclear power capacity by 2030.
China installed more solar panels in 2023 than the United States has in its entire history.
It accounts for almost 60% of new renewable capacity expected to become operational globally over the next five years, and almost two-thirds of global wind and solar projects under construction today
are in China. As a result,
Chinese climate pollution appears to have now peaked and is poised to decline.
A recent report by energy think tank RMI put this shift into historical perspective. It noted that in the 20th century, the United States led the transitions to the ages of steel and electricity, oil and mass manufacturing, and information technologies. The next transition will be to the age of renewable energy, efficiency, and electrification. But this time, China is poised to lead the new economy.