By Avi Salzman

Exports of solar energy equipment from China doubled in March, a sign that the chaos in the energy industry from the Iran war is convincing countries to shift to more renewable sources.

The war has sent oil prices soaring and led to shortages of products like jet fuel. Coal prices have also risen as some power companies switch to coal from natural gas to generate electricity. Countries that depend on other fuel sources -- from renewables to nuclear power -- have been spared some of the economic hardship so far.

It's a welcome sign for the renewables industry, which was battered by political shifts in the U.S. and elsewhere last year. The iShares Global Clean Energy exchange-traded fund is up 18% this year.

Think tank Ember Energy analyzed March data from the Chinese customs authority and found that exports of solar panels jumped to 31.7 gigawatts in March from 16.6 gigawatts in February. There were similar increases in exports of other solar supplies, like the underlying cells that go into the panels. China makes 80% of the key components used in solar energy systems, so the country will see an outsize benefit from any shift toward renewables.

China's total solar exports in March amounted to 68 gigawatts of capacity, enough to power more than 10 million households. It's equivalent to Spain's entire existing solar capacity, according to Ember analyst Euan Graham.

"Fossil shocks are boosting the solar surge," said Graham. "Countries are importing solar panels at record levels, and building up their own domestic assembly and manufacturing capabilities to address surging global demand."

Exports of other clean energy products also surged in the month, with battery exports jumping 44%, according to Ember. The increases are notable because overall Chinese export growth slowed in the month, partly because of the timing of Lunar New Year, which can depress exports, according to Leah Fahy, senior China economist at Capital Economics.

This may be only the beginning. China is still using only a fraction of its solar production capacity, with some solar firms reportedly running at 40% capacity, Fahy wrote this week. China can quickly ramp up to meet demand as more countries go green. "China is extremely well placed to respond to a surge in global demand," she wrote.

The China numbers aren't the only bright spot for clean energy. Data from other countries show a surge in electric-vehicle buying. Registrations for "new energy vehicles," which include EVs and plug-in hybrids, more than doubled in Japan, Korea, and New Zealand year over year, and they rose more than 50% in India, Australia, and many European markets, Fahy wrote.

Elsewhere, political leaders are turning to green energy to insulate them from some of the economic impacts of rising fossil fuel prices.

Some South American countries are looking to expand their investments in green energy, and they expect growth in renewables to accelerate after the war. "Although the fossil economy will continue to have a leading role after the war, countries will advance their transition, because the ability to generate their own energy will generate independence and sovereignty," said Edwin Palma Egea, Colombia's minister of Mines and Energy, in an interview with Barron's in New York this week. "They won't be at the mercy of fossil fuels or foreign wars."

Colombia has attracted investment from clean energy companies in China and the United States. Power-generation company AES and Tesla have both been investing there, Egea notes. The country is hoping American firms keep expanding such investments.

To be sure, other energy experts see the war boosting all sorts of energy, including fossil fuels. The world is unlikely to move off oil within the next decade, and countries are likely to stockpile supplies in the interim. Arjun Murti, a partner at energy research and investment firm Veriten and a board member at ConocoPhillips and Liberty Energy, said in an interview that all energy sources are bound to get an uplift.

"Solar plus [battery] storage is going to be one of the winning technologies," he says. "I think where people go too far is they say, 'This is going to be all that you need.' This crisis, as much as any other, shows you want a diversified mix of energy sources."

He sees natural gas, nuclear, and geothermal energy also benefiting. "It's going to be really all of the above."

Write to Avi Salzman at avi.salzman@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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April 23, 2026 15:01 ET (19:01 GMT)

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