Report: China's total energy investment may reach US$940 billion in 2026

On November 7, the "Global Energy Transition Report (2026)" was officially released at the 2026 Energy Transition Conference. The report estimates that in 2026, global energy investment will increase to US$3.4 trillion, up 5% year on year. Of this, about US$2.2 trillion will go to power grids, energy storage, low-emission fuels, nuclear power, renewable energy, energy efficiency and electrification. China's energy investment will reach US$940 billion, firmly maintaining its position as the world's largest energy investor. The original text is as follows: "Global Energy Transition Report (2026)" Officially Released On November 7, the "Global Energy Transition Report (2026)" (hereinafter referred to as the "Report") was officially released at the 2026 Energy Transition Conference, hosted by the China Enterprise Reform and Development Society and organized by the Energy and Resources Working Committee of the China Enterprise Reform and Development Society, the "PetroChina Petrochemical" magazine, and Enterprise Observer newspaper. The "Report" was compiled by the China Enterprise Reform and Development Society through its Energy and Resources Working Committee, bringing together think tank resources. At the 2026 Energy Transition Conference, Liu Mingzhong, First Vice President of the China Enterprise Reform and Development Society, Executive Chairman of the Energy and Resources Working Committee, and former Party Secretary and Chairman of China First Heavy Industries Group, released the report and introduced the overall situation of the global energy transition. The "Report" points out that in 2026 the global energy transition will show distinct characteristics of "advancing under pressure, intensifying divergence, and pragmatic adjustment." Geopolitical conflicts, climate risks and the surge in electricity demand from artificial intelligence are intertwined and superimposed, making the conflict between the short-term reality of ensuring supply and long-term decarbonization goals increasingly prominent; the global energy transition is advancing under pressure with intensifying divergence, and balancing security and decarbonization has become a common issue. Among this, China's energy transition shows relatively strong inertia and resilience. The "Report" shows that in 2025, global energy demand grew 1.3%, but electricity demand grew 3%, more than twice the growth rate of energy demand. In 2026, Middle East conflicts will push up energy prices, and the report estimates that the overall global inflation rate in 2026 will exceed 4%. AI and digital infrastructure have become new growth points, and China's electricity consumption in the internet and related services industry grew more than 30% year on year. The "Report" estimates that in 2026, global energy investment will increase to US$3.4 trillion, up 5% year on year. Of this, about US$2.2 trillion will go to power grids, energy storage, low-emission fuels, nuclear power, renewable energy, energy efficiency and electrification. China's energy investment will reach US$940 billion, firmly maintaining its position as the world's largest energy investor. The "Report" believes that the current state of the global energy transition shows coexisting characteristics of "a short-term rebound in fossil fuels and accelerated quality improvement in clean energy." By category, although coal has seen a short-term rebound, it will not change the long-term downward trend. In the first half of 2026, the share of coal-fired power generation in China fell to 49.7%, below 50% for the first time. In the oil and gas sector, low-carbon investment by major global oil and gas companies fell 33% in 2025. This was the first annual decline since 2017 and the lowest level since 2020. Global natural gas demand in 2026 is expected to see its first annual decline since 2022. New energy has become the main growth driver, but the wind and solar industries are at a critical stage of crossing the development inflection point and still cannot do without comprehensive system support. The path to scale for hydrogen and biomass energy also needs to be explored more quickly. Looking ahead, the "Report" believes that the center of gravity of global oil supply is "shifting west" and the demand center is "moving east," and multi-polar gaming is becoming the new normal in the global oil market; the long-term position of natural gas will continue to be consolidated; renewable energy is accelerating to become the main power source, but achieving the 2030 "triple installed capacity" target still requires average annual growth of about 1,000 GW; competition and cooperation over critical minerals have entered a new stage, with resource countries strengthening controls and the US and Europe promoting the reshaping of supply chains and trade rules; the focus of energy emission reduction is shifting to developing countries. The "Report" points out that China is anchoring the goal of becoming an energy powerhouse, and the construction of a new energy system is accelerating. Looking to the future, China should maintain strategic resolve, coordinate energy security and green transition, pay close attention to new issues such as new energy consumption, the resilience of critical mineral supply chains, the surge in electricity demand from artificial intelligence, and the reconstruction of green trade rules, use the certainty of energy transition to respond to the uncertainty of the international environment, and contribute more Chinese strength to global energy governance. This article is excerpted from the "China Enterprise Research" WeChat public account, edited by GMTEight's Liu Jiayin.