2024 was a record year for Chinese BRI engagement, with US $70.7 billion in construction contracts and about USD51 billion in investments. Cumulatively, Chinese BRI engagement has reached US $1.175 trillion since 2013.
Preliminary data on Chinese engagement through financial investments and contractual cooperation for 2024 in the 149 countries of the Belt and Road Initiative show about 340 deals worth USD121.8 billion. This compares to USD 92.3 billion BRI engagement in all of 2023 – an increase of 31%.
China’s energy-related engagement in 2024 again set a record as the greenest since the BRI’s inception in 2013: in 2024, China’s green (solar, wind, waste-to-energy) energy engagement was about USD11.8 billion, about 30% of China’s total energy engagement, plus an additional USD639 million in hydropower.
China’s engagement in the energy sector represents the largest share of its total BRI engagement. In 2024, total engagement in the energy sector approached USD40 billion, the highest level since 2017. Three developments stand out:
1. China’s engagement in green energy (solar, wind and biomass) reached a record of USD 11.8 billion (excluding solar equipment exports).
2. China maintained a continued engagement in fossil fuels, particularly gas, but also coal (through coal mining).
3. Engagement in distribution systems (e.g., substations, power lines) constituted more than 11% of Chinese BRI energy engagement.
Source: Green Finance and Development Centre, Feb 27, 2025. https://greenfdc.org/china-belt-and-road-initiative-bri-investment-report-2024/
China Environment News 