国际能源署-新兴和发展中经济体的中国官方能源金融（英）

China’s Official Energy Finance in Emerging and Developing EconomiesEvolving institutions, instruments and implications for clean energy transitionsThe IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 32 Member countries, 13 Association countries and beyond.This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.Source: IEA. International Energy Agency Website: www.iea.orgIEA Member countries: AustraliaAustriaBelgiumCanadaCzech Republic DenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLatviaLithuania Luxembourg Mexico NetherlandsNew Zealand NorwayPolandPortugalSlovak Republic SpainSweden Switzerland Republic of Türkiye United Kingdom United StatesThe European Commission also participates in the work of the IEAIEA Association countries:Argentina BrazilChinaEgyptIndia Indonesia Kenya Morocco Senegal Singapore South Africa Thailand UkraineINTERNATIONAL ENERGYAGENCYChina’s Official Energy Finance in Emerging and Developing Economies Abstract Evolving institutions, instruments and implications for clean energy transitions PAGE | 3 IEA. CC BY 4.0. About this report Global energy investment exceeded USD 3.3 trillion in 2025, but capital flows remain uneven. Emerging market and developing economies (EMDE) outside China attracted just 27% of total energy investment and 18% of clean energy spending, despite accounting for nearly two-thirds of the global population and the bulk of future demand. Addressing this imbalance requires mobilising more capital from diverse sources into EMDE energy systems. China continues to play a central role in global energy investment flows because of its large domestic investments and its large external capital spending on energy. Since 2015, its official-sector institutions have committed on average over USD 55 billion annually to energy-related projects in EMDE – equivalent to around 8% of all tracked clean energy investment directed to these economies. Historically, this financing was driven by state-owned policy banks and sovereign actors providing debt and, in some cases, grants. In recent years, however, the composition has shifted. While financing commitments are slowly rising again, following a drop during the COVID pandemic, policy-bank lending has significantly contracted and focused almost entirely on clean technologies. Meanwhile, state-owned enterprises, state-owned commercial banks and export credit agencies have taken on a larger role, increasingly through equity investments or guarantees. This shift suggests a move t