In 2023, China's clean energy sector, analyzed by Lauri Myllyvirta, was the primary driver of the country's economic growth, contributing to 40% of the expansion. The Centre for Research on Energy and Clean Air reported that without the clean energy sector's input, China's GDP growth would have been just 3%, instead of the actual 5.2% achieved, aligning with government targets. Clean energy investments surged by over 40% to a record $890 billion, equivalent to the GDP of countries like Turkey or Switzerland. This sector contributed a record 11.4 trillion yuan ($1.6 trillion) to the economy, accounting for all growth in investment. China also made significant strides in renewable energy installations, adding 293 GW in 2023, a 234% increase from the previous year and more than the rest of the world combined. Specifically, China installed 217 GW of solar power, surpassing the total solar installations in the U.S., and likely accounted for 58% of global solar and 60% of global wind installations according to BloombergNEF.
Analysis: Clean energy was top driver of China’s economic growth in 2023 | @laurimyllyvirta Read here ➡️ https://t.co/W6Bm0IEALr https://t.co/77H1uCvYEK
China installed more solar panels in 2023 than any other nation has built in total. China probably accounted for 58% of global solar installations and 60% of global wind last year, according to BNEF. https://t.co/Iwol9eXssb https://t.co/QrDwpaLYd0
“Clean-energy sectors, as a result, were the largest driver of China’ economic growth overall, accounting for 40% of the expansion of GDP in 2023. Without the growth from clean-energy sectors, China’s GDP would have missed the government’s growth target” https://t.co/yCKmXHZq4Y
This chart is astonishing... but not surprising. China is cleaning the world's clock on renewables. And renewables are the backbone of current/ power future economic success. We have been warned... https://t.co/MD6RkwOTCd
China 🇨🇳 added an astonishing 293 GW of renewable energy last year, up 234% from 2022 (125 GW). This is more than the rest of the world combined. https://t.co/HuSxlIVcpW
China installed more solar last year (217 GW) than the U.S. has installed, period, lol https://t.co/QxGhx3rOtO
Analysis: Clean energy was top driver of China’s economic growth in 2023 | @laurimyllyvirta Read here ➡️ https://t.co/38iO9cOEBS https://t.co/UUVlLy2N0s
New analysis: "Clean energy contributed a record 11.4tn yuan ($1.6tn) to China’s economy in 2023, accounting for all of the growth in investment and a larger share of economic growth than any other sector." 💪💪💪 https://t.co/x6t7rx4tzU
We’re wasting trillions of dollars on the false hope that wind & solar power are going to replace fossil fuels. China is burning a record amount of coal & uses renewable energy as a complement not a substitute. h/t @pwrhungry https://t.co/EoohzDtYWB
Well now, this is very interesting: Clean energy contributed a record $1.6tn to China’s economy in 2023, "accounting for all of the growth in investment and a larger share of economic growth than any other sector." https://t.co/0Xtdxxnww4
NEW ANALYSIS: Clean energy was China's top driver of economic growth in 2023 @laurimyllyvirta for @CarbonBrief 📈Clean energy invst +40% to truly massive $890bn (~global FF supply invst or GDP of 🇹🇷or🇨🇭) 🇨🇳Clean energy pushed GDP growth from 3% to 5.2% https://t.co/0gv2oACH4k https://t.co/caJsnO2WfI
Analysis: Clean energy was top driver of China’s economic growth in 2023 | @laurimyllyvirta Read here: https://t.co/GbS9xWBS6y https://t.co/Xrcx9XC84P
⚠️ CHINA CLEAN ENERGY SECTOR WAS BIGGEST DRIVER OF 2023 GDP GROWTH -RESEARCH REPORT (Reuters) China's clean energy sector accounted for the largest portion of the country's economic growth in 2023, according to a report by global research agency released on Thursday,… https://t.co/NueCH516bc
"China's gross domestic product rose 5.2% last year, in line with government targets. Without clean energy’s contribution, growth would have been an anemic 3%." https://t.co/TrGttCZfUJ ht @danmurtaugh
Clean energy accounts for 40% of China’s economic growth last year, according to the Centre for Research on Energy and Clean Air, potentially giving the sector more political heft in Beijing https://t.co/UG5PJuoMJc
NEW – Analysis: Clean energy was top driver of China’s economic growth in 2023 | @laurimyllyvirta Read here: https://t.co/qqAn8OeDA1 https://t.co/f8XK0VQmYy