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China sent $132 billion in clean technology and investment to the developing world last year, by far the largest contribution to carbon-dioxide reduction of any country. In fact, the nation’s green-manufacturing juggernaut, built in part through heavy subsidies from Beijing, nearly matches the current total of grants, loans and private finance that all wealthy countries sent to poorer ones in 2024 to help fight climate change, according to a Reuters analysis. Those loans and grants stemmed from a climate-finance programme the world’s wealthiest nations agreed to at a 2009 United Nations climate conference on the premise that industrialised nations made outsized contributions to the climate crisis — and had outsized means to help poorer countries pay to clean it up. A Reuters investigation in 2024 found that most global climate finance comes in the form of loans and sometimes at market interest rates that funnel billions of dollars back to rich countries. China took a different approach, funneling billions in subsidies into its own green-energy industries , serving its own national interest to dominate next-generation manufacturing domestically and globally. The result: massive and rapid market-share gains in solar panels, batteries and battery minerals, electric vehicles, wind turbines and other green products. China remains by far the world’s biggest greenhouse-gas emitter because of its large population, concentration of heavy industry and reliance on coal power. But its huge clean tech exports mean it has also become among the biggest global forces in reducing climate-damaging emissions. The Reuters analysis used customs data to calculate the value of Chinese exports of clean technologies to countries classified by the Organisation for Economic Cooperation and Development as developing nations. Those exports alone will help the Global South avoid 257 million metric tons of carbon dioxide emissions (MtCO2) per year once deployed an amount equal to the annual…

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