Chinese Government To Spend $680million Dollars In Clean Energy In Year 2024.

The Chinese government has disclosed intention to spend about $680billion dollars in clean energy in the year 2024, given it’s growing industrial capabilities in the manufacture of solar cells, lithium batteries, and EV manufacturing.

Investments in clean energy in one of the world’s most populous countries has increased since 2020, with spendings on renewable power, grids and storage said to be higher than total spending on oil, gas, and coal.

Solar panel costs have decreased by 30% over the last two years, and prices for minerals and metals crucial for energy transitions have also sharply dropped, especially the metals required for batteries.

Investment in energy efficiency and electrification in buildings and industry has been resilient, despite economic headwinds in the Asian country.