Al Gore admits he would not have predicted China becoming the world's leading force in the energy transition 25 years ago, but he celebrates their leadership given America's retreat from climate policy. He notes that the planet's well-being depends on someone stepping up, and China's efforts are crucial. Gore and Lila Preston's ninth annual climate report documents both concerning setbacks in U.S. climate policy and China's remarkable rise as the world's "first electro state." While China's rapid adoption of renewables, particularly solar, is astonishing, Gore acknowledges they are still building coal plants, albeit often with low utilization rates, partly due to droughts impacting hydropower capacity.
Gore highlights a significant shift in global energy investment trends. A decade ago, around the time of the Paris Agreement, 55% of all energy investment went to fossil fuels, and 45% to energy transition. These numbers have now reversed, with 65% of financing directed towards renewables and only 35% to fossil fuels, a trend that is accelerating. China's outsized buildout in clean technologies is a major contributor to this shift, with nearly two-thirds of global energy investment now going toward clean technologies. China added over 200 gigawatts of solar capacity in a single recent year, more than the world had installed in any previous year, and produces the majority of the world's photovoltaic modules, lithium-ion batteries, and critical materials processing.
China has set ambitious goals and is exceeding them, for instance, reaching its solar goal six years early. For several months this year, they have been adding the equivalent of three new one-gigawatt nuclear plants in solar capacity daily. Gore is optimistic about China's diplomatic role, noting their expressed interest in hosting the 2028 UN climate change conference (COP33) and their notification to the world that they will now be judged on actual carbon reductions rather than carbon intensity. He sees the climate crisis and AI regulation as prime areas for U.S.-China cooperation, hoping for closer collaboration by COP33 in 2028.
