China had a key role to play in the world’s rapid expansion of renewable power generation capacity last year, the International Energy Agency said.
It more than doubled solar photovoltaic capacity last year, and wind power capacity rose by 66 per cent YoY. Almost half of China’s electricity generation will come from renewable sources by 2028, the agency forecast.
China had a key role to play in the world’s rapid expansion of renewable power generation capacity last year, which grew by 50 per cent to 510 gigawatts, according to the International Energy Agency (IEA).
The country’s installed capacity of renewable energy exceeded 1.45 billion kilowatts last year, accounting for more than half of its total installed power generation capacity, data from the National Energy Administration showed.
It more than doubled solar capacity last year, and wind power capacity rose by 66 per cent from a year earlier, IEA said.
China has outlined regulations for green power certificates, which will bring additional income for solar and wind energy developers, and further accelerate its renewable energy development, IEA said.
China will further consolidate its dominant position in the field of renewable energy in the next five years as lower costs make utility-scale solar power generation more attractive compared to coal and gas, it noted.
Power generated from renewable energy sources such as wind and solar now accounts for more than 15 percent of China’s total electricity consumption, it said.
Despite recent policy and financial support introduced by European nations and the United States, China is still on course to expand its gap over the rest of the world in deploying renewables, it said.
“China accounts for almost 90 percent of the global upward forecast revision, consisting mainly of solar photovoltaic. The country’s solar photovoltaic manufacturing capabilities have reduced local module prices by nearly 50 per cent from January to December 2023, increasing the economic attractiveness of both utility-scale and distributed solar PV projects,” a state-controlled news outlet quoted IEA as saying.
Under current market conditions and existing policies, renewable energy capacity would reach 7,300 GW by 2028, with China responsible for almost three-fifths of the new renewable capacity added worldwide, the agency added.
Almost half of China’s electricity generation will come from renewable energy sources by 2028, it forecast.