China spends more than any other region or country on clean energy investment Annual investment in clean energy, by selected country and region ($ billion, 2019 and 2024) 659 226 410 190 300 57 84 45 81 37 38 26 43 2019 2024 2019 2024 2019 2024 2019 2024 2019 2024 2019 2024 2019 2024China European Union United States South America India South East Asia Africa 372 +12% p.a. +13% p.a. +10% p.a. +8% p.a. +12% p.a. +1% p.a. +11% p.a.OBSERVATION 3 Green growth is increasingly spearheaded by China China is leading on numerous dimensions: it spends more, innovates faster and builds at larger scale than its global peers, consolidating control over green technology value chains. This reflects two decades of deliberate industrial policy. Initiatives such as Strategic Emerging Industries, Made in China 2025, the 15th Five-Year Plan for Economic and Social Development and the Dual Carbon Goals (peak by 2030, neutrality by 2060) have channelled public investment, green finance and carbon trading into industrial capabilities. After years in which China stood “on the fence” in global climate negotiations, in September 2025 the country presented its first absolute economy- wide GHG emissions pledge (7-10% below peak emissions by 2035) – although some noted that coal went unaddressed, while the EU’s climate commissioner said this level of ambition “falls well short”.30 Nevertheless, China’s innovation, deployment and monumental investment in clean energy – which in 2024 was 60% greater than the next largest investor – marks an historic power shift: global green energy leadership is moving from the West to the East. China spends more Clean energy investment has surged globally, but China still leads the world by volume of spend. Its investment rose from $372 billion in 2019 to $659 billion in 2024 (12% CAGR), far ahead of Europe’s $410 billion (13% CAGR) and the US’s $300 billion (10% CAGR).31 This data, sourced from the IEA, includes investments in renewable, grids, storage, nuclear, other clean power, energy efficiency and end-use, and low-emission fuels (see Figure 8).$659 billion China’s clean energy investment in 2024 – well ahead of Europe ($410 billion) and the US ($300 billion). China’s clean energy investment – global comparisons ($ billion) FIGURE 8 Notes: 2024 values are estimated – these may evolve when IEA publishes 2024 actuals. “Clean energy” includes renewable power, grids and storage, nuclear and other clean power, energy efficiency and end-use, and low-emission fuels. Sources and further notes: IEA and BCG.32 China grows renewables faster As well as investing more than any other country or region in clean energy, China also grows renewables faster. Even though it is still heavily reliant on coal-fired power generation, China is accelerating the adoption of renewables into the energy mix at a faster pace than any other major economy (see Figure 9). China’s solar PV capacity has almost quadrupled and its wind capacity has doubled since 2020.33 While Europe still leads in the overall share of renewables in the energy mix (22% of primary energy consumption), China has almost closed the gap in just over a decade and is already delivering more than 60% of global capacity additions (see Figure 9). Europe is the second growth market, while US deployment remains uneven. Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 17

Already a Multi-Trillion-Dollar Market 2025