China leads world in green trade in 2024

China was at the forefront of green trade in the world in 2024, with its green products making a significant contribution to the global response to climate change and the green and low-carbon transition, according to Lyu Daliang, director of the Department of Statistics and Analysis of the General Administration of Customs (GAC).

The country's exports of wind turbines surged by over 70 percent last year, while photovoltaic (PV) products maintained their strong performance with exports exceeding 200 billion yuan (about $27.38 billion) for the fourth consecutive year. Lithium battery exports also hit a record high.

The success story is exemplified by companies like Arctech Solar Holding Co., Ltd., which mainly produces products including solar trackers, in Kunshan, east China's Jiangsu Province. Currently, the company's workers are busy testing newly manufactured controllers destined for PV projects in the Middle East.

"Our solar trackers can adapt to various terrains, from sand dunes to hillsides, significantly reducing clients' investment costs," said Zhou Shijun, senior vice president of the company. The firm reported about 9 billion yuan in sales revenue from solar trackers in 2024, a significant growth from previous years.

The acceleration of China's green product exports is driven by supply and demand dynamics. "On the one hand, global energy transition is picking up pace, generating a massive market demand. Countries worldwide are showing an increasing appetite for new energy sources, with wind and solar power leading the charge in energy transition. In recent years, the average annual amount of new wind power installations has continued to expand," said Liu Zhiqiang from the China Electricity Council.

On the other hand, China has established the world's largest and most complete wind power industry chain featuring the most comprehensive supporting facilities thanks to years of technological accumulation, gaining a significant edge over international competitors in both technology and cost efficiency in the wind power sector, Liu added.

"These substantial comparative advantages have catalyzed the rapid growth of China's exports of wind turbines," Liu noted.

In the field of green transport, the export volume of railway electric locomotives has increased for five consecutive years while the value of exported electric motorcycles and bicycles exceeded 40 billion yuan for the first time last year, according to GAC data. China's exports of electric vehicles surpassed 2 million units for the first time in 2024.

Over the past decade, China has provided premium clean energy products and services to the international market, according to a white paper titled "China's Energy Transition" released in the second half of 2024. The country has also doubled its efforts in technological innovation to upgrade new energy technology at a faster pace, contributing enormously to a sharp reduction in the costs of wind power and PV power worldwide.

During the past 10 years, the average cost per kilowatt-hour of global wind power projects has decreased by more than 60 percent, and PV power projects by over 80 percent, said a report issued by the International Renewable Energy Agency (IRENA).

China has created new opportunities for deeper international cooperation in clean energy, said an official from the country's National Energy Administration.

China's outstanding contribution to the global green and low-carbon transition has won high praise from the international community. IRENA director-general Francesco La Camera said China has been providing the world with more economical renewable energy innovative technologies in recent years, contributing significantly to the cost reduction in new energy power generation around the world.

Currently, an increasing number of Chinese companies are incorporating green and low-carbon concepts into the production of high-quality products, expanding supply in the global market.

More and more Chinese regions have made green trade a key priority. Ningbo in east China's Zhejiang Province issued guidelines on promoting high-quality development of foreign trade, including measures to advance green trade and boost exports of low-carbon products. Nanjing in east China's Jiangsu Province inaugurated the Nanjing International Green Trade Service Platform last year, providing foreign trade companies with "carbon footprint" services to facilitate the exports of the city's new energy products.

Organizations have also stepped up to break down green trade barriers, helping businesses go green. At the 2024 Conference on International Industrial Cooperation (Singapore) and Chinese Machinery and Electronic Products Brand Exhibition, China unveiled the China Carbon Label for Machinery and Electronic Products for the first time.

Compared to traditional carbon labels, the China Carbon Label for Machinery and Electronic Products has a feature of carbon footprint traceability, enabling true visibility, traceability, and recognition of product carbon footprints. The label can facilitate Chinese enterprises' overseas expansion.

Meng Yue, an official with the department of foreign trade at the Ministry of Commerce, highlighted that since the beginning of 2024, the ministry has been closely monitoring green trade trends and further understanding the needs of foreign trade companies. Through specialized training sessions, handbooks, best practice cases, and the launch of public service platforms, the ministry has guided foreign trade firms to pursue green and low-carbon development, accelerating the green transition of China's foreign trade supply chain.

Meng added that the ministry will work with relevant departments to introduce targeted policies on the development of green trade to promote a green, low-carbon approach throughout the entire foreign trade process.