This is a continuation of a trend. The US hit a record in oil exports in 2024, according to the Energy Information Administration. Yet, China’s clean technology exports were US$30 billion higher.

“Clean energy exports are hardware, which once a country has bought it, will generate electricity for a decade or two to come,” said Mr Greg Jackson, chief executive of Octopus Energy, the UK’s largest energy retailer. “Whereas with gas, the day you buy it, you use it, it’s gone forever.”