China’s overseas investment in renewable energy has, for the first time, surpassed coal, marking a significant shift in the country's global energy strategy, according to new data from Boston University.
A new analysis from Boston University’s Global Development Policy Center shows that China directed 68% of its overseas power investments toward wind and solar energy projects from 2022 to 2023. This marks the first time since the early 2000s that Beijing has invested more in renewables than in fossil fuels abroad.
Historically, China’s Belt and Road Initiative (BRI) has been heavily criticized for funding coal power in developing countries. From 2000 to 2021, just 13% of China’s overseas energy investments supported wind and solar. But under mounting international pressure and a 2021 pledge by President Xi Jinping to stop financing new coal plants abroad, the investment landscape has shifted.
While no new state-backed coal projects were launched after the 2021 pledge, previously approved plants are still coming online. If completed, these projects could emit as much carbon dioxide annually as Austria, according to the analysis.
Despite the renewable energy shift, the scale remains modest. Between 2022 and 2023, only 3 gigawatts of solar and wind capacity were added—far below the 16-gigawatt annual average of Chinese overseas power investments between 2013 and 2019, when coal dominated.
Most of the recent renewable investments were in Asia and the Americas, with only 4% directed toward Africa. However, during a 2024 China-Africa forum, Beijing committed $51 billion to build 30 low-carbon energy projects in Africa over three years.
China’s pivot to renewables overseas is partly driven by economic necessity, analysts say. With a sluggish domestic economy and surplus clean energy technology, China is seeking new markets abroad. "They need to export, they don’t have any choice," said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis.
Domestically, China continues to lead in new coal plant construction, beginning work on 94 gigawatts of coal-fired capacity in 2023—over twelve times the rest of the world’s total. Still, Beijing is trying to position itself as a climate leader, emphasizing its dominance in renewable energy technology and supply chains.
While U.S. President Donald Trump has reversed America’s participation in the Paris Agreement and increased fossil fuel production, the U.S. International Development Finance Corp. continues to support global infrastructure and critical mineral investments. The agency is seen as Washington’s counter to China’s Belt and Road Initiative, though its focus diverges sharply on climate policy.
4o
U.S. and Pakistani leaders forecast a Sunday signing of a long-elusive framework agreement to end fighting between the United States and Iran, as Reut...
Senior officials from Azerbaijan and Armenia held a working meeting in Dilijan, Armenia, on 14 June to discuss issues related to the peace agenda betw...
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and D...
The New York Knicks defeated the San Antonio Spurs 94-90 to close out the series 4-1 and claim their first NBA championship since 1973, sparking celeb...
In the runup to the G7 summit, hosted by France in Évian-les-Bains on Monday, 15 June, China has addressed global economic balances in a videoconfer...
Senior officials from Azerbaijan and Armenia held a working meeting in Dilijan, Armenia, on 14 June to discuss issues related to the peace agenda between the two countries.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
The International Monetary Fund (IMF) has urged Georgia to implement reforms to tackle youth unemployment. Nearly 30 per cent of people aged 15-24 are without a job in the country, according to World Bank data.
British Prime Minister Sir Keir Starmer has pledged to publish the UK government's long-awaited Defence Investment Plan ahead of next month's NATO summit in Ankara, following growing pressure over the UK's military spending commitments.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Japan’s birth rate and fertility levels have fallen to their lowest levels on record, highlighting the country’s worsening demographic crisis as fewer people marry and have children.
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a major new computing era.
France’s parliament has formally recognised state responsibility for the use of the toxic pesticide chlordecone in Martinique and Guadeloupe, marking a significant step in addressing decades of environmental contamination and public health concerns.
Financial markets are significantly underestimating the economic impact of biodiversity loss, potentially leaving countries exposed to sovereign debt crises and rising borrowing costs, according to new research published on Friday.
Wildlife researchers have identified dozens of previously unknown insect species during an expedition to Angola’s remote Lisima Plateau, a conservation group announced on Wednesday.
Global weather forecasters predict a strong El Niño will develop in the second half of 2026, bringing hotter, drier conditions to much of Asia while increasing rainfall in parts of North and South America.
Google has asked U.S. regulators for permission to release up to 32 million sterilised mosquitoes in California and Florida as part of its experimental “Debug” programme aimed at reducing populations of disease-carrying insects.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment