The Belt & Road (B&R) nations received 24 gigawatts (GW) of power capacity as China initiated its biggest energy expansion project in 2024. The achievement set a new annual installation record that exceeds twice the level of 2023 while representing the largest yearly investment since 2013. This article delves into the details of this massive project, its focus on renewable energy, and its implications for the future.
A record-breaking investment: China’s energy expansion surpasses all expectations
The power capacity installations by Chinese companies in Belt and Road (B&R) countries reached 24 GW in 2024. The new power capacity figures surpassed double the performance from the prior installations in 2023. The fast-paced expansion demonstrates China’s permanent dedication to boosting global power with extensive energy infrastructure projects that improve bilateral economic connections and global sector leadership.
Wood Mackenzie’s research shows that these high installation numbers indicate substantially growing renewable power systems. Solar power alongside hydroelectric operations contributed 52% to the new power capacity, while fossil fuels saw diminishing involvement. China pursues this move within its comprehensive sustainability initiative to minimize global carbon pollution and guarantee steady energy resources for B&R nations. The Chinese leadership shows leadership through clean energy commitment because it helps address climate change while driving environmentally friendly development.
Green energy development through Chinese overseas initiatives reflects China’s approach to building renewable energy systems that will unite with international electricity networks in the long term. The strategic clean energy investments in B&R countries meet the growing electricity demand and establish China as a leading force in worldwide energy transformations. The transition will generate lasting economic and environmental changes, transforming regional energy sector systems and improving diplomatic and trade relations between key regional partners.
China’s renewable revolution: This is how solar and hydro lead the way
Renewable power resources were fundamental to achieving 2024 Chinese energy installations. Solar power and hydroelectric power installations provided 8 GW and 5 GW, respectively, among the total 24 GW installed. China’s strategic push for sustainable development, along with energy diversity, leads the country to adopt greener technological solutions.
Chinese companies, led by Alex Whitworth, Vice President at Wood Mackenzie, have chosen to deploy greener technology solutions abroad, with projects accounting for more than two-thirds of their development pipeline. The country continues its commitment to worldwide carbon footprint reduction.
Billions at stake: Here’s how China is reshaping global energy markets
This vast project creates significant economic effects throughout its implementation. The B&R Initiative led Chinese companies to build 156 GW of power generation facilities, which would supply electricity to five times the current output capacity of Australia.
The power projects number 369, with an investment of $281 billion accounting for total completion. The top B&R markets of Pakistan, Indonesia, Vietnam, Saudi Arabia, and Malaysia need $73 billion to deploy 120 GW of wind and solar capacity during the next ten years. According to these statistics, China stands as the main driver behind upcoming global energy patterns.
The coal conundrum: Will China’s new policies stop 19 GW of fossil fuel projects?
Prospects for renewable developments face continuing obstacles despite continued emphasis on such energy systems. 19 GW of coal projects remain in development yet face cancellation risks due to China’s “No new overseas coal power” policy from 2021 alongside the worldwide shift toward coal elimination.
The statistics reveal that another 9 GW of gas-based power projects are presently under development and construction. Saudi Arabia has positioned itself to become the leading market for renewable energy consumption throughout B&R countries while preparing to construct 41 GW of solar facilities and 13 GW of wind power facilities throughout the upcoming ten years.
The 24 GW of power established in B&R countries during 2024 established a new global milestone in sustainable energy installation. As China continues to focus on sustainable renewable energy projects and sustain significant financial investments, it will become the global leader in both sustainable development and energy infrastructure.
