In recent years, the global economy has maintained moderate momentum, and the international crude oil market has remained relatively accommodative. However, in 2024, global energy dynamics became more volatile due to ongoing geopolitical tensions. Crude oil prices experienced a rise followed by a decline, with the annual average falling slightly below the previous year’s level. Meanwhile, natural gas prices continued to soften, reflecting weakening demand.
A key factor reshaping the global energy landscape is the accelerated shift toward renewables. Driven by decarbonisation goals, energy security concerns and technological progress, renewable energy has become a cornerstone of the global power supply transformation.
According to the International Energy Agency’s 2024 Renewable Energy Report, renewable sources are set to meet nearly 50% of global electricity demand by 2030, with solar power contributing approximately 80% of the new renewable generation growth. This trend reflects a structural rebalancing of the global energy mix away from fossil fuels.
Asia, as the world’s most energy-intensive region, plays a critical role in this transition. Countries across the region are rapidly scaling up solar, wind and hydro capacity. However, despite strong growth prospects, several persistent barriers could slow progress:
- High financing costs, especially for early-stage or distributed generation projects;
- Insufficient grid infrastructure to accommodate decentralised, intermittent supply;
- Limited system integration and digital coordination across energy networks.
Overcoming these barriers will require coordinated action among governments, investors, and technology providers. It will also deepen understanding of regional market dynamics and policy frameworks.
China remains a global leader in renewable energy development, both in scale and strategic ambition. By the end of 2024, China’s installed renewable energy capacity reached 1.889 billion kilowatts, accounting for approximately 56% of its total power generation capacity, a clear demonstration of its commitment to clean energy transformation.
Key national strategies include:
- Promoting the green transformation of the Belt and Road Initiative.
- Advancing the creation of an Asia-Pacific Power Community of Shared Future.
- Expanding high-level cross-border cooperation in energy technology, infrastructure, and financing.
These policy signals not only create a favourable domestic environment for clean energy deployment but also present strategic opportunities for international players to participate in China’s energy transition, whether through investment, technology collaboration or market entry.