On February 19, the UK-based climate policy website Carbon Brief published an analysis titled "Clean Energy’s Contribution to China’s GDP Reaches a Record 10% in 2024."
Source: Comprehensive
On February 19, the UK-based climate policy website Carbon Brief published an analysis titled "Clean Energy’s Contribution to China’s GDP Reaches a Record 10% in 2024." Based on official statistics, industry data, and analyst reports, the study highlights the growing significance of clean energy in China’s economy. In 2024, the clean energy sector contributed more than 10% to the country’s economic growth, with industries such as electric vehicles, lithium batteries, and solar panels—collectively referred to as the "new three pillars"—performing exceptionally well.
The report estimates that the clean energy sector contributed approximately 13.6 trillion RMB to China’s economy, a sum comparable to the total GDP of countries like Saudi Arabia. Among the various sectors, the new energy vehicle (NEV) industry stood out. In 2024, China produced nearly 13 million NEVs, marking a 34% year-on-year increase, with a significant portion of these vehicles exported globally. The surge in sales of Chinese-made electric vehicles is attributed not only to local government policies but also to growing international demand. Chinese manufacturers have developed electric vehicles with longer ranges, shorter charging times, and advanced features like autonomous driving navigation, all of which have greatly enhanced the consumer driving experience.
After EVs and batteries, the next-largest clean-tech contribution to China’s GDP in 2024 came from solar power, which completes the “new three” industries. Solar generated 21% of the total value of the clean-energy industries in 2024, adding 2.8tn yuan ($390bn) to the national economy. Within this, investment in power generation projects, at 1tn yuan ($140bn), overtook manufacturing investment (0.8tn yuan, $109bn) as the largest contributor to the value of the sector. The value of solar power technology exports (0.6tn yuan, $85bn) was the third-largest, followed by the value of the power generated from solar (0.4tn yuan, $54bn).
The report concludes that, with the 14th Five-Year Plan nearing its end, clean energy investments in China are expected to continue growing in 2025. Beyond this year, development of the clean-energy sectors depends strongly on the new targets and policies in the next five-year plan, which is being finalised this year.