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China is winning the clean energy race.

It has spent 10 times more on clean energy than either the US or Europe over the past five years. It dominates the rapidly growing renewables manufacturing market, producing 90% of all solar panels, over 70% of all lithium batteries, and 65% of all wind turbines.

That's a very smart move. Our recent research shows there's no evidence that solar and wind cannot continue their recent spectacular growth rates. Renewables could become a multi-trillion-dollar global industry in the near future.

The eye-watering investments of the European Green Deal and the US's Inflation Reduction Act (IRA)—each close to US$1 trillion (£0.75 trillion) over the next decade—might close the gap in terms of their clean energy deployment, but they are unlikely to shake China's market dominance.

China already processes most of the clean energy supply materials and has an advanced manufacturing base that is more capable of scaling up production to meet the rising demand. China's Tongwei solar manufacturing plant, for example, could single-handedly meet 10% of the 2023 global solar market demand.

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