In 2022, low-carbon energy transition investments globally hit $1.1 trillion, matching fossil fuel supply investments for the first time. China led the way, securing $546 billion in energy transition investment.
So, battery storage is one of the latest rushes in the Chinese energy market, where the number of companies registered as energy storage firms has now reached around 109,000, more than doubling in the past three years, per data by Chinese companies information provider Aiqicha cited by the Battery and other forms of energy storage will be critical for the Chinese – and the world’s – pivot to more renewable energy power generation as developed economies look to ditch coal while China aims to see...
“From a supply chain diversification point of view, the picture has not changed much. China is investing by far the most in building out its clean energy supply chain, and it remains to be seen if other regions can capture significant market share,” said Antoine Vagneur-Jones, BNEF’s Head of Trade and Supply Chains research. In China, energy storage investments are surging together with solar and wind power installations.
At the end of 2022, China’s total installed capacity of energy storage, excluding conventional pump storage, was at 13.
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