A recent Carbon Brief report has revealed that China’s surging renewable energy exports are enabling other countries to reduce their greenhouse gas emissions. According to the report, Beijing’s renewable energy technology exports, which include electric cars, batteries, and photovoltaic solar panels, are helping other countries increase their green energy adoption rates and cut their emissions.
Last year, the report notes, green energy technology exports from China helped lower global greenhouse gas emissions (excluding China) by 1%, and those exports are expected to save around 4 billion tons’ worth of carbon dioxide emissions over their lifetimes.
With the CO2 emissions savings resulting from using these exports for just one year outweighing the emissions produced in their production, they seem to have a net positive effect on the environment. China may still be the largest polluter on the planet, but the Asian economic giant has taken significant steps to increase its capacity to produce renewable energy technology and green energies such as solar, wind, and hydropower.
After over a decade of intense investment and strong policy support for green energy, China now hosts the largest network of renewable energy infrastructure in the world, as well as the largest capacity for green energy.
This mastery of renewable energy has enabled China to virtually monopolize the global supply chain for green technology and infrastructure. China produces most of the world’s wind turbines and solar panels, giving it a significant edge in one of the fastest growing green energy segments, and has a chokehold on the entire electric vehicle battery supply chain.
Furthermore, more than ten years of targeted investments, coupled with China’s dominance in the EV battery production segment, have allowed the Chinese EV industry to achieve something that has evaded the rest of the world: producing electric cars at low cost.
China now sells the most affordable electric vehicles on the globe, and Chinese EV companies like BYD are even giving major players like Tesla a run for their money.
Consequently, a large portion of the renewable energy technology flowing through global markets in 2024 came from China. The report notes that manufacturing these exports resulted in around 110 million tons of carbon dioxide in China last year, far less than the CO2 emissions countries outside China would prevent by using Beijing’s renewable energy technology exports.
Constructing clean power projects and manufacturing plants for green energy products overseas, as China plans to do, will increase the amount of avoided carbon dioxide emissions to 350 million tons. China’s growing role as a renewable energy exporter signals its influence on the global green transition and its potential to reshape energy markets.
With China’s exports of green energy products and the emergence of other international players like PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), the prospects of the energy transition look even brighter than ever.
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