Nov 28 (Reuters) – China emerges as the global leader in renewable energy, set to achieve an unprecedented milestone with an estimated 230 gigawatts (GW) of wind and solar installations by the year’s end, reports consultancy firm Wood Mackenzie.
Unprecedented Growth Surpasses U.S. and Europe Combined
Woodmac’s recent report reveals that China’s remarkable installation figure surpasses the combined installations of the United States and Europe, underscoring its dominance in the renewables market.
Record Investment Projected for 2023
China’s commitment to renewable energy is further highlighted by an expected investment of $140 billion in wind and solar projects for the year 2023, as indicated in Wood Mackenzie’s report. Alex Whitworth, Vice President of Power and Renewables Research at Wood Mackenzie, notes China’s significant upward revision of its 2025 wind and solar outlook, reflecting a 43% increase, equivalent to 380 GW, in just a couple of years.
Transition from Coal to Renewables Accelerates
China’s strides in renewable energy are complemented by a continuous decline in its share of coal in power generation. About 80% of this reduction has been replaced by renewables, with the remainder primarily filled by nuclear power, according to Whitworth.
Impressive Capacity Growth in Solar and Wind
Recent data from China’s energy bureau underscores the nation’s commitment, revealing a surge in installed solar power capacity to 536 GW in October, marking a substantial 47% YoY increase. Wind capacity also saw a commendable rise, growing by 15.6% to reach 404 GW.
Global Solar Manufacturing Dominance Predicted
Wood Mackenzie’s earlier projection emphasized China’s anticipated hold on over 80% of the world’s solar manufacturing capacity through 2026. The report suggests that China is poised to meet a significant portion of the annual global demand for the next decade.
China’s unparalleled achievements in the renewable sector not only solidify its position as a global leader but also underscore its pivotal role in shaping the future of sustainable energy.
Source: reuters.it
