China installed a record-breaking 8 GW of solar capacity across Belt and Road Initiative (BRI) countries in 2024. Its marking a significant milestone in its global renewable energy strategy, according to a report by consultancy Wood Mackenzie. The figures show that China developed 24 GW of power projects across more than 140 nations under the initiative last year, the highest annual total since the BRI’s launch in 2013.

Alex Whitworth, vice president and head of Asia Pacific power and renewables research at Wood Mackenzie, described the surge in overseas solar deployment as “remarkable.” He noted that Chinese companies are increasingly prioritizing greener technologies abroad, with renewable projects comprising over two-thirds of the BRI’s project pipeline. “As Chinese manufacturers drive down the costs of renewable power technology, they are spearheading its deployment in many developing markets that previously lacked access to affordable clean energy,” Whitworth said.

Since the inception of the BRI, China has completed 156 GW of overseas power projects, including 22 GW of solar, reflecting its growing focus on clean energy. Chinese companies have invested approximately $281 billion across 369 projects under the initiative.

Wood Mackenzie highlighted that the BRI’s top five markets—Pakistan, Indonesia, Vietnam, Saudi Arabia, and Malaysia—are set to experience a boom in solar and wind capacity, with 120 GW of renewable energy projected to be installed in the next decade. Saudi Arabia is expected to lead the demand, targeting 41 GW of solar and 13 GW of wind capacity.

China’s renewable diplomacy under the BRI has proven highly effective, fostering energy cooperation while bolstering its influence in developing markets. By making clean energy technologies more affordable and accessible, China is not only addressing energy security concerns in partner nations but also reinforcing its position as a leader in the global energy transition. This strategy aligns with China’s broader goals of promoting sustainable development and strengthening geopolitical ties through green technology.

The report also reveals that Chinese companies now dominate the renewable energy sector in BRI countries, with their share of wind and solar projects surging from 7% five years ago to over 60% in 2024. This could rise to 80% by 2030 if current trends persist.

However, Wood Mackenzie forecasts that global solar growth may stagnate in 2024, with only 493 GW of direct current (DC) capacity expected to be added worldwide. Despite this, the BRI’s renewable energy investments continue to defy broader trends, showcasing the resilience of China’s green energy diplomacy.
 

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