China Takes Lead in Cleantech Race: RMI Report
Produced by RMI in collaboration with the Bezos Earth Fund, this report sheds light on the exponential growth of renewable energy technologies and the significant shifts occurring within the global energy landscape.
April 08, 2024. By Abha Rustagi
Produced by Rocky Mountain Institute (RMI) in collaboration with the Bezos Earth Fund, this report sheds light on the exponential growth of renewable energy technologies and the significant shifts occurring within the global energy landscape.
China has emerged as the frontrunner in clean energy supply chains, investing significantly more than Europe and the United States. With over 90 percent market share in solar manufacturing and 70 percent in batteries, China has established itself as a powerhouse in this arena. However, both Europe and the United States are poised to increase their capital expenditures substantially by 2025, intensifying the competition.
The deployment of solar and wind technologies is fiercely contested, with all three regions experiencing accelerated growth. Europe currently leads in the proportion of electricity generated from solar and wind sources, signaling its commitment to renewable energy integration.
China has taken the lead in the electric vehicle market, closely followed by Europe. A significant portion of Chinese car sales are already electric, with projections indicating a potential surge to 90 percent electric sales by the end of the decade.
China has made progress in electrification, surpassing the United States and Europe to become the first major electrostate. The electrification of Chinese industries has driven a substantial increase in the electricity share of final energy, outpacing other regions significantly.
In 2022, the United States and Europe awakened to China's prominent role in shaping the future of energy technologies. While the competition remains fierce, there are ample opportunities on the horizon. However, seizing these opportunities requires overcoming barriers that hinder the transition to renewable energy. In the context of the renewable revolution, addressing these obstacles is crucial not only for technological advancement but also for maintaining geopolitical influence.
The race for cleantech supremacy is still in its budding stages, offering vast potential for innovation and growth. As leaders navigate this evolving landscape, collaboration, and strategic investments will be key in driving the transition toward a sustainable and resilient energy future.
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