China, the world’s largest emitter of greenhouse gases, was responsible for almost 60% of the increase in renewable energy production capacity worldwide last year.
China could reach its 2030 renewable energy goals six years ahead of schedule, given the rapid growth of the country’s solar and wind capacity, according to forecasts from a state entity.
China will add 70 gigawatts (GW) of installed wind power capacity and 190 GW of solar capacity by the end of 2024, according to a new report from the China Renewable Energy Engineering Institute (CREEI), a research body under the National Energy Administration (NEA). ).
According to statistics published by the NEA, China added 217 GW of solar power and 76 GW of wind power capacity in 2023bringing total capacity to 1,050 GW at the end of last year.
The estimated new additions would bring China’s installed solar and wind power capacity to 1,310 GW by the end of this year, surpassing its 2030 target of having 1,200 GW of installed capacity six years ahead of schedule.
“Improving energy self-sufficiency requires greater development and use of renewable energy,” the CREEI report says.
China, the world’s largest emitter of greenhouse gases, was responsible for almost 60% of the increase in renewable energy production capacity globally last year, with a record 301 GW of solar, wind and hydroelectric generation capacity.
But the rapid expansion of the country’s renewable energy sector – particularly the solar cell industry – has raised concerns about excess production capacity due to a rapidly growing mismatch between supply and demand.
China’s wind energy sector will continue to grow “relatively fast”while solar energy production capacity will expand at “maximum speed,” according to CREEI.
By the end of May, China had around 690 GW of installed solar power capacity and 460 GW of wind power capacity, accounting for around 38% of the country’s installed power generation capacity, according to data released by the NEA.
To achieve the goal of 80% of its energy mix coming from non-fossil fuels by 2060 (the same year it aims to achieve net-zero carbon dioxide emissions), the China must improve the stability and reliability of its renewable energy supply and upgrade their electrical grids to increase the consumption of renewable energy, CREEI said.
China’s energy storage capacity based on new technologies such as lithium-ion batteries tripled year-on-year in the first quarter of 2024, and tech giants such as Tesla and Contemporary Amperex Technology seek growth opportunities in this sector.
Source: Observadora
