I imagine Chinese government is really unhappy about importing massive amount of oil and coal to keep their economy running. Especially considering Russia is currently at war with Ukraine, and Russian pipelines might or might not get blown in the process.
Deploying renewables isn't about emissions to them. It's about national security.
I don't think the stock drop was about R1 hype. I think it was about parent company circumventing NVIDIA CUDA and building AI software in GPU machine code directly. Licensing GPU drivers for cloud services is a major income source that has been threatened