A report from the Mission Possible Partnership highlights that China funneled $45 billion into energy transition initiatives this year. This investment focuses on decarbonizing difficult sectors like steel, cement, aluminum, and aviation fuel. Of the 36 global industrial decarbonization projects that reached final investment decisions over the past year, 23 are based in China. The organization’s chief executive noted that while recent activity marks a record, the pace must accelerate from tens to hundreds of financed plants annually to meet long-term climate goals.

Official data from the National Energy Administration confirms that China’s combined wind and solar capacity surpassed 2 billion kW by late September, with 170 million kW added in the first nine months of 2024 alone. Despite this rapid expansion, China remains the world’s largest consumer of coal, which still accounts for approximately half of the country’s total power generation. The nation continues to build new coal-fired capacity, highlighting the complex duality of an economy simultaneously leading the world in green investment while maintaining a heavy dependence on traditional hydrocarbons.