Renewable Energy Production Slows down due to Lack of Transformers
China Attains 5.2 Percent Economic GDP Growth With Clean Energy Transition
By Shubhendra Anand , 10 May, 2024
The clean energy transition is growing daily due to consumer awareness of the importance of sustainability. Different countries around the world are investing in renewable energy growth in 2024. China is the leading country in producing renewable energy to support green energy transition by the end of 2050. China's economy is increasing with the clean energy transition in 2024.
Based on a 2024 survey, China's economic condition is gaining economically from investments in the clean energy transition. The country is receiving better economic growth from the investments made in the green energy transition sector compared to other industries in 2024. The surveys reveal that China's economic growth due to clean energy investments is mainly from three industries. These three industries in China that are in charge of clean energy transition are electric vehicles, solar power, and batteries. China focused on the development of solar and wind energy throughout 2023. Therefore, the nation set a landmark as the leading country in producing solar power. According to data from the survey in China, the nation invested USD 890 billion in 2023 for clean energy transition. This investment equals the global investment in the fossil fuels supply in 2023.It is to be noted that the Chinese renewable energy sector is growing faster than developed countries in the West in 2024. Progress in the energy sector in China is being made by investing time and effort in implementing renewable energy sources in the commercial sectors. It is necessary to incorporate renewable practices to improve the rate of decarbonization faster. However, China received a hike of 5.2 percent GDP (Gross Domestic Product) due to clean energy transitions. Experts cite that China might have missed this percent growth without incorporating a clean energy transition. The main motto behind clean energy transition is to attain sustainability and reduce harmful environmental emissions. Emissions from different sources are the main factor leading to the degradation of the environment. Hence, the changing dynamics of the world’s energy transition are hopeful in replacing fossil fuels with renewable energy.
china's Clean Energy Transition Drives GDP Growth
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Shubhendra Anand
Head Research
