China has become the world’s largest investor in energy transition, contributing to global energy transition and a clean world, said a white paper released by China’s State Council Information Office on Thursday.
The country’s investment in energy transition reached $676 billion in 2023, making it the world’s largest investor in this field, according to the white paper.
Titled “China’s Energy Transition,” it has documented the country’s successful actions and historic achievements in energy transition over the past decade.
The country has doubled its efforts in technological innovation to upgrade new energy technology at a faster pace, contributing enormously to a sharp reduction in the costs of wind power and photovoltaic power worldwide, according to the white paper.
China’s exports of wind power and photovoltaic products helped other countries reduce carbon dioxide emissions by about 810 million tonnes in 2023, according to the white paper.
Since 2013, China has contributed over 40 percent of the annual increase in global renewable energy capacity, according to the white paper. The country’s newly installed renewable energy capacity accounted for more than half of the world’s total last year.
The country’s energy intensity has decreased steadily over the past decade, leading to energy savings equivalent to about 1.4 billion tonnes of standard coal and reducing carbon dioxide emissions by about 3 billion tonnes, said the white paper.
China has worked with more than 100 countries and regions on green energy projects, while its new energy industry has added to the global energy supply, eased global inflation pressures, and contributed to the global effort to combat climate change and transition to green development.
China will work with the rest of the world to improve the industrial and supply chains of clean energy and contribute to global sustainable energy development, said the white paper.
(With input from Xinhua)