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  1. China spent more than twice as much on its green transition in 2023 than any other country, and this investment has made it a global powerhouse in clean energy production.

    Battery technology is a case in point. China is home to the world’s largest suppliers of components for lithium-ion batteries, upon which EVs depend for power. Chinese EV battery makers had a global market share of 60% and grew their exports by 30% year-on-year in 2023.

    China is similarly dominant in its embrace of low-emission hydrogen, a residue-free energy source that releases steam instead of smoke. The largest green hydrogen project on the planet is located in China, as are around 40% of the world’s hydrogen refuelling stations. These stations support a small but quickly growing population of hydrogen fuel cell vehicles.