China leads global clean industrial project financing research shows

China secured 23 of the world's 36 major clean industrial projects financed last year, Euronews reported, citing new research from the decarbonization non-profit Mission Possible Partnership. The figures show China and several developing nations are securing more clean industrial projects than Western nations, leaving Europe behind despite years of investment and climate pledges. [1]

Euronews reported that China's dominance in the sector goes beyond fresh investment. China hosts 49 per cent of all clean industrial plants currently operating or under construction globally. As FTMQ News reported earlier, high gas prices resulting from the war on Iran have driven global demand for renewable technology, leading to record clean energy equipment exports from China. [1][4]

China has been the largest electricity producer in the world since overtaking the United States in 2011. In 2021, the country generated 8,534 terawatt-hours of electricity, which represented about 30 per cent of total global electricity production. The country is governed as a unitary one-party socialist republic under the Chinese Communist Party. [2][3]

The growth in global demand for alternative energy comes amid broad energy market disruptions. As FTMQ News reported earlier, the conflict in Iran has pushed up global electricity costs, driving trends such as a rooftop solar panel boom among homeowners in the Philippines. [4][5]