China has almost entirely captured the key segments in the green energy sector, as repeatedly stated by Xi Jinping. Now, green energy, not the housing market as before, is the main driver of China’s economy. Accordingly, China is highly interested in promoting the “green agenda” globally.
In China itself, green energy is also setting records. In 2023, the deployment of solar photovoltaic systems in China increased by 2.5 times, reaching 261 GW. For comparison, the US saw a deployment of 32 GW, and the EU 53 GW.
In 2021, China’s national carbon emission trading system began operating, initially for the power sector. In the second phase, the system will include oil refining and petrochemical industries, chemical industry, building materials production, ferrous and non-ferrous metallurgy, and aviation. In the third phase, it will encompass all major carbon emitters. Meanwhile, the price of carbon emission permits in China’s ETS is maintained at around 8 euros per ton and is expected to gradually increase.