China dominates the clean energy market: Last year’s revenue was twice that of the United States, with Tesla and BYD leading the way

Beijing time on September 4th, large American companies lagged far behind their Chinese rivals in generating revenue from solar, wind, nuclear and other types of renewable energy.

Solar thermal power plant in Jiuquan, China

Data from Bloomberg New Energy Finance (BNEF), a US energy industry research organization, shows that China Dominates the clean energy market, ranking first with revenue of $707 billion last year, far ahead of the U.S.'s $398 billion.

Among companies in the S&P 500, clean energy revenue accounts for just 3.4% of total revenue, which is about half the share of clean energy revenue among companies in the Shanghai Composite Index.

China ranked first in clean energy revenue last year

Bloomberg New Energy Finance estimates that more than half of the revenue of more than 680 companies in the Asia-Pacific region from clean energy, including renewable and nuclear energy, electrified transportation, biofuels, hydrogen and carbon capture. By comparison, there are nearly 410 companies in the United States and about 430 in Europe, the Middle East and Africa combined.

The transformation of enterprises into new energy business will not only benefit the earth, but also create huge economic benefits. "The transformation of corporate business models to greener businesses is not just about the noble purpose of protecting the planet. It is also a huge economic opportunity for companies helping to drive the energy transition." Michael Daly, analyst at Bloomberg New Energy Finance (Michael Daly) said.

In the automotive industry, Tesla and BYD are clearly new energy leaders.

They are far ahead of traditional car manufacturers such as BMW and Ford Motor.

Looking ahead, Dailey said: “With the release of more models and the introduction of new policies to support electric vehicles, we expect traditional automakers in the lagging group to increase the proportion of their electric vehicle business. ."

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