Record Chinese Energy Installations: 24 GW in Belt and Road Countries

In 2024, Chinese companies installed 24 gigawatts of new energy capacity in Belt and Road countries. Nearly half of the projects focused on renewable energy, underscoring their key role in global energy diplomacy.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Chinese companies set a new record in 2024, with 24 gigawatts (GW) of new energy capacity installed in partner countries of the Belt and Road (B&R) initiative. This volume doubles the installations in 2023 and represents the highest level since the initiative’s launch in 2013, according to a Wood Mackenzie report titled *”Record Chinese overseas power project completion in 2024: Update on the Belt & Road Initiative.”*

Approximately 52% of these new capacities focused on renewable energy, including 8 GW of solar projects and 5 GW of hydropower projects. Solar energy led the development of renewable capacities, accounting for two-thirds of such projects in 2024. However, thermal sources remain significant, comprising 48% of installations, split between 6 GW of coal-fired plants and 6 GW of gas and oil plants.

A Key Tool in Chinese Energy Diplomacy

Since the launch of the B&R initiative, China has leveraged energy projects as a diplomatic tool in developing countries. This strategy is supported by Chinese manufacturers’ ability to reduce the costs of renewable technologies, making them more accessible to emerging markets. These markets, previously constrained by budget limitations, now see these investments as an opportunity to meet their growing energy needs.

Alex Whitworth, Vice President and Head of Asia-Pacific Power and Renewables Research at Wood Mackenzie, stated: “Chinese companies are accelerating access to affordable and sustainable energy solutions in many emerging markets, thus consolidating their regional influence.”

Challenges remain, however. China’s 2021 policy banning the financing of new overseas coal plants has affected 19 GW of coal projects still in the pipeline, some of which risk cancellation. At the same time, 9 GW of gas projects are under construction or planning, offering a temporary alternative in these countries’ energy transitions.

Asia at the Heart of Priorities

Asia accounts for 70% of the energy capacities installed under the B&R initiative, confirming its strategic importance for China. The primary beneficiaries include countries such as Pakistan, Indonesia, Vietnam, Saudi Arabia, and Malaysia.

Chinese projects are also gaining ground in renewable energy. While they accounted for only 7% of wind and solar capacities in these markets five years ago, this share has now surpassed 60% in 2024. If this trend continues, their share could reach 80% by 2030, according to Yanqi Cao, Consultant in Asia-Pacific Power Research at Wood Mackenzie.

A Lasting Influence on Emerging Markets

Since 2013, China has installed 156 GW of energy capacity in B&R countries, a figure equivalent to 1.5 times Australia’s total energy capacity in 2024. This dynamic highlights China’s ambition to strengthen diplomatic and commercial ties through large-scale energy projects. As renewable energy gains prominence, it is becoming not only a driver of economic growth but also a geopolitical tool for Beijing.

Two European Parliament committees propose to advance the full halt of Russian hydrocarbon imports to 2026 and 2027, including oil, gas, and LNG, strengthening the European Union’s geopolitical position.
The COP30 conference hosted in the Amazon by Brazil faces low participation from global leaders, amid geopolitical tensions and major logistical challenges.
The United States has granted Trinidad and Tobago a special licence to resume negotiations with Venezuela on the Dragon gas field, partially lifting restrictions imposed on the Venezuelan energy sector.
Ambassadors of European Union member states have approved the transmission of a legislative proposal to phase out Russian fossil fuel imports by January 2028 to the Council of Ministers.
The State Duma has approved Russia’s formal withdrawal from a treaty signed with the United States on the elimination of military-grade plutonium, ending over two decades of strategic nuclear cooperation.
Polish Prime Minister Donald Tusk said it was not in Poland’s interest to extradite to Germany a Ukrainian citizen suspected of taking part in the explosions that damaged the Nord Stream gas pipelines in 2022.
Al-Harfi and SCLCO signed agreements with Syrian authorities to develop solar and wind capacity, amid an ongoing energy rapprochement between Riyadh and Damascus.
Faced with risks to Middle Eastern supply chains, Thai and Japanese refiners are turning to US crude, backed by tariff incentives and strategies aligned with ongoing bilateral trade discussions.
France intercepted a tanker linked to Russian exports, prompting Emmanuel Macron to call for a coordinated European response to hinder vessels bypassing oil sanctions.
The activation of the snapback mechanism reinstates all UN sanctions on Iran, directly affecting the defence, financial and maritime trade sectors.
Commissioner Dan Jørgensen visits Greenland to expand energy ties with the European Union, amid plans to double EU funding for the 2028–2034 period.
European and Iranian foreign ministers meet in New York to try to prevent the reinstatement of UN sanctions linked to Tehran’s nuclear programme.
Canadian Prime Minister Mark Carney announces a bilateral agreement with Mexico including targeted investments in energy corridors, logistics infrastructure and cross-border security.
The US president has called for an immediate end to Russian oil imports by NATO countries, denouncing a strategic contradiction as sanctions against Moscow are being considered.
Tehran withdrew a resolution denouncing attacks on its nuclear facilities, citing US pressure on IAEA members who feared suspension of Washington’s voluntary contributions.
Poland’s energy minister calls on European Union member states to collectively commit to halting Russian oil purchases within two years, citing increasing geopolitical risks.
Athens and Tripoli engage in a negotiation process to define their exclusive economic zones in the Mediterranean, amid geopolitical tensions and underwater energy stakes.
European powers demand concrete steps from Tehran on nuclear issue or United Nations sanctions will be reinstated, as IAEA inspections remain blocked and tensions with Washington persist.
Brussels confirms its target to end all Russian energy imports by 2028, despite growing diplomatic pressure from Washington amid the ongoing conflict in Ukraine.
Donald Trump threatens to escalate US sanctions against Russia, but only if NATO member states stop all Russian oil imports, which remain active via certain pipelines.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.