China’s clean energy industries drove more than 90% of the country’s investment growth in 2023. These sectors, including batteries, electric cars, solar, and wind power, have grown so large they now surpass all but seven of the world’s economies. For the second time in three years, clean energy made up over a third of China’s economic growth. Despite US tariffs and fossil fuel support, clean energy momentum remains strong. According to a new analysis by the Centre for Research on Energy and Clean Air published in Carbon Brief, China’s clean energy sectors nearly doubled in value from 2022 to 2023. Last year, they generated a record 15.4 trillion yuan ($2.2 trillion), about 11.4% of China’s GDP, up from 7.3% in 2022. Without this growth, Beijing would have missed its 5% yearly economic target. Most of the new capacity serves rising domestic wind and solar demand, which now doubles that of the entire rest of the world. The biggest growth came from the battery sector, used for electric vehicles (EVs) and grid storage. Exports of solar and batteries are also rising fast. The International Energy Agency credits solar power for offering “the cheapest electricity in history,” making it affordable in many developing countries. Report lead author Lauri Myllyvirta said, “In a lot of other countries things are accelerating. Many African countries have imported a lot of solar. EVs are just starting to be bought in surprising places.” He added this clean energy growth could mean China has or will soon reach peak carbon emissions, signaling a global turning point. However, China’s coal industry remains strong politically. Last year, proposals for 161 GW of new coal plants were submitted, with more projects planned. The energy sector’s future will be clearer after China releases its next five-year plan. Climate campaigner Andreas Sieber of 350.org said, “Solar power is set to overtake coal in 2026, showing clean energy’s clear win.” But he warned, “China is building more coal even as it proves obsolete. This will lead to stranded assets and a harder energy transition.”