China has sharply increased its sales of solar panels, batteries and other green technologies to emerging markets, even before the latest escalation of trade tensions with the United States, new data reveals.
Emerging economies accounted for 43% of China’s clean tech exports in 2024, up from 24% in 2022, according to figures published by BloombergNEF (BNEF). The trend highlights how Beijing is actively seeking new markets amid rising trade barriers.
At the same time, falling prices have made these green technologies more accessible to developing countries, helping to boost demand.
China’s pivot towards emerging markets is expected to intensify following the imposition of “extreme levels of tariffs” by the US — now reaching 145% on Chinese goods — alongside increasing protectionist measures from the European Union and other regions, said Antoine Vagneur-Jones, head of trade and supply chains at BNEF.
“We have not yet seen the full scale of potential export growth into emerging markets,” he added.
The data was released shortly after Chinese President Xi Jinping addressed a UN-convened virtual summit, reaffirming China’s commitment to tackling climate change regardless of geopolitical developments. Xi called for countries to promote technological innovation and industrial cooperation to ensure the free flow of affordable green technologies, particularly for developing nations. He also pledged to announce an updated national climate target at the next UN climate summit later this year, although he provided no further specifics.
“Since I announced China’s goals for carbon peaking and carbon neutrality five years ago, we have built the world’s largest and fastest-growing renewable energy system, as well as the most complete new energy industrial chain,” Xi stated.
The comments come amid fears that a widening trade war could hinder global efforts to curb emissions. Ana Toni, head of the upcoming COP30 climate summit in Brazil, recently warned that protectionism could limit access to critical technologies, undermining climate action.
Nevertheless, China’s expanding clean tech exports to emerging economies could support global decarbonisation efforts, said Vagneur-Jones. Chinese products have helped trigger a solar boom in energy-constrained countries such as Pakistan and Lebanon, fostered onshore wind development in Uzbekistan, and bolstered electric vehicle uptake in Brazil.
Meanwhile, BNEF reported that the total value of global clean energy imports declined by 7% to $409 billion in 2024, marking the first annual drop. This fall was largely attributed to declining prices for solar panels and batteries, even as volumes remained steady or increased across various technologies.
More than three-quarters of all new investment in green tech manufacturing last year occurred in China, the study found.
While US President Donald Trump had argued that tariffs would bring manufacturing back to American soil, Vagneur-Jones said China’s overcapacity is driving down global prices, making it increasingly difficult for other countries to develop domestic supply chains.
BNEF forecasts that the current oversupply will persist until at least 2027, particularly in the solar and battery sectors. “This is going to be a double-edged sword,” said Vagneur-Jones. “On the one hand, it ensures a readily available supply of high-quality, low-cost technology essential for global decarbonisation. On the other, it poses a major challenge for countries trying to build their own green industries.”
