China forecast to lead global energy investment with US$940bn by 2026
A report says China is expected to invest US$940 billion in energy in 2026, ranking first globally. By end-2025, China had 2.337 billion kW of installed renewable capacity, 63.6% of new global installations. Coal's share of electricity fell below 50% for the first time in early 2026.
China is expected to invest US$940 billion (HK$7.33 billion) in energy in 2026, ranking first in the world, according to the Global Energy Transition Report 2026 released by the China Enterprise Reform and Development Society.
China recorded 2.337 billion kilowatts of installed renewable power capacity by the end of 2025, accounting for 63.6 per cent of new renewable installations globally, CCTV reported on Sunday. Renewable energy generation reached 3.99 trillion kilowatt-hours, contributing 38.3 per cent of the country's power output, with additional renewable generation fully covering the increase in electricity consumption, the report said.
Coal-fired generation made up less than half of China's electricity mix for the first time, standing at 49.7 per cent in the first half of 2026, the report added.
China supplied 70 per cent of the world's wind power equipment and 80 per cent of its photovoltaic equipment, which has driven down global wind and solar power generation costs by more than 60 per cent and 80 per cent, respectively, underscoring its leading position in renewable energy technology.
Notably, the report pointed out that the worldwide artificial intelligence boom is reshaping the energy investment landscape. As natural gas-fired power's high stability and rapid construction could quickly fulfill the surging electricity demand from data centers, the rapid expansion of data centers has led to a surge in gas turbine orders and prices, while also propelling the development of emerging technologies such as small modular reactors.
Tech firms are also becoming major players in energy investment, securing their power supply through ways like power purchase agreements, mergers and acquisitions, and self-built facilities.