The Global South is wiring up for an electric future
SPY•Global South economies spent roughly $235 billion on imported Chinese clean energy technology since the start of 2024, including more than $25.3 billion on grid equipment and nearly $47 billion on solar systems. Emerging markets also spent $73.2 billion on Chinese EVs in the first eight months of 2026, up from $6 billion in the same months of 2023.
1. Grid investments rise
Since the beginning of 2024, Global South economies have accounted for more than half of global spending on three groups of China-made technology: grid equipment, cooling systems and solar arrays, data from think tank Ember shows. Spending on imported transformers, switch gear and transmission cables topped $25.3 billion, compared with $23.8 billion in the rest of the world.
2. Solar and EV spending
Global South economies spent nearly $47 billion on Chinese photovoltaic solar systems since 2024, or 55.4% of global spending on those systems. They also spent $73.2 billion on imported Chinese EVs in the first eight months of 2026, compared with $6 billion in the same months of 2023. Wealthier economies spent $116.5 billion on Chinese EVs over the first eight months of 2026.
3. Storage remains a gap
Developed economies accounted for 71% of spending on Chinese battery energy storage systems since 2024, while emerging economies accounted for 29%. Global South spending on those batteries rose from around $9 billion in January-August 2024 to $21 billion in the same period this year. The article says falling Chinese clean-tech prices mean each dollar buys more capacity than before.
