For decades, China-watchers have labelled the country’s massive state-owned enterprises as “dinosaurs” that inefficiently soaked up precious state resources for mixed economic gain.
But now there is evidence that a green pivot by some of China’s biggest energy SOEs is helping Beijing achieve its goal of moving towards energy independence while extending the country’s lead in clean technologies.
As a result of SOEs channelling capital expenditure towards clean technologies, China has increased the share of renewable electricity generation capacity — mostly solar, wind and hydro — to about 50 per cent in 2023, from 38 per cent in 2019 and 29 per cent in 2013, according to the Shanghai-based consultancy Rystad Energy.
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