China’s striking advances in green technology

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: China's BYD has surpassed Tesla as the world's top-selling electric vehicle brand in early 2024
• Additionally, China achieved a significant milestone in renewable energy, with its renewable capacity (mainly solar, wind, and hydro) reaching about 50% of its total generation capacity in 2023, overtaking coal for the first time

🔭 The context: China's emergence as a leader in renewable energy and electric vehicles marks a significant shift in the global energy landscape 
• China is the world's largest carbon dioxide emitter, contributing 31% of global emissions in 2022

🌍 Why it matters for the planet: China's shift towards renewables and electric vehicles can substantially contribute to reducing global greenhouse gas emissions 
• This transition is crucial in the global pursuit to meet the targets set in international agreements like the Paris Agreement and can serve as a model and catalyst for other countries, especially developing nations, to adopt similar strategies

⏭️ What's next: China is expected to exceed its solar and wind energy capacity targets ahead of schedule and may play a more assertive role in global climate negotiations

📈 One stat: China's share of EVs sold in Europe reached 8% and is projected to rise to 15% by 2025, underscoring its growing influence in the global clean tech market

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