Transition of China’s global energy investment: Decarbonization, dispersion and denationalization

China’s global energy investment (CGEI) plays a role in global energy transition. This paper uses a “3D” (decarbonization, denationalization, and dispersion) framework to analyze CGEI from 2005 to 2020 based on the China Global Investment Tracker (CGIT) database. Results indicate that significant decarbonization of CGEI has occurred, particularly after 2013, with the most pronounced effects observed in middle- and low-income countries. Dispersion is also significant as Chinas investment reached some 97 countries expanding across the globe to Africa and Latin America, led by solar and wind energy. On the other hand, a denationalization trend was less obvious. After a short period of expansion by private enterprises, denationalization stalled as central state-owned enterprises surged ahead in leading CGEI.