China is winning the global race for energy exports by focusing on clean technology exports. According to Ember, Chinese exports of electric vehicles, solar panels, and batteries accounted for $20 billion in August. China's clean tech exports hit a record high despite falling solar panel prices, analysts say.
Meanwhile, US oil and gas exports in July were worth $80 billion, and China's clean technology shipments for the month totaled $120 billion—a $30 billion increase over US fossil fuel exports. While US exports reached their peak in 2024, China's volumes continued to expand, with demand for electric vehicles and batteries driving the growth.
China's exports also grew to record levels in power capacity exports. August generation was 46,000 megawatts, which was a strong growth rate despite the fact that revenue was lower than it was at previous peaks. Increasingly, Chinese electric car exports are going to developing countries outside the OECD, creating a broader market.
Under both the Donald Trump and Joe Biden administrations, the US has placed a greater emphasis on fossil fuel production to increase exports. This strategy hindered mass investment in renewable energy technologies, placing clean tech exports at a competitive disadvantage in terms of value. America remains a powerhouse in oil and gas trading; however, its clean technology sector has been lagging behind China in terms of its rapid growth.
China, in turn, is still an importer of oil and gas, a domestic consumer of the majority of clean technology, and has a global presence. There has been a surge in sales of electric vehicles, which have increased significantly in this quarter to the extent that they are expected to surpass overall sales of all car categories in the US. This presents a double advantage, as China is both a producer and a consumer, which puts it in a strong position in the clean energy market.
Both countries use their advantages to increase export revenue. The US might also strengthen its shipments of fossil fuels in the next several months, yet the growing export of clean energy in China grants it more and more influence in the world.
Experts in the industry would stress the advantages of clean exports over fossil fuels in the long term. Octopus Energy CEO Greg Jackson elaborated that sources of renewable energy supply electricity over decades, and fossil fuels are used in the present moment. This difference highlights the reason why increasing clean technology exports in China might have long-term implications in the world.