Clean-energy sectors contributed a record-breaking 10% of China’s GDP in 2024, totaling 13.6 trillion yuan ($1.9 trillion) and surpassing real estate in economic importance, according to analysis from Carbon Brief. Electric vehicles, batteries and solar, the “new three” industries, were particularly influential accounting for 75% of the sector’s value and driving a quarter of the country’s economic growth. This expansion proved important as without it China’s GDP growth would have missed its 5% target – highlighting the sectors’ integral role in meeting national economic objectives.

…Electric vehicles, batteries and solar, the “new three” industries, were particularly influential accounting for 75% of the sector’s value

Investment in clean energy grew 7% to reach $940 billion – though slowing from 2023’s record highs, signaling stabilization after rapid expansion. Production of electric vehicles which dominated the market, rose sharply with domestic sales aided by local incentives, improvements in technology and growing consumer acceptance. Solar power also experienced significant growth with 277 gigawatts added, driven by large scale developments and increasing demand from commercial and industrial sectors facing rising electricity costs.