China’s expansive push into solar energy, accompanied by relentless innovation and a comprehensive industrial ecosystem, is significantly reducing production expenses, making green energy more accessible globally, according to experts.
Driving Global Solar Affordability
This transformation benefits the international community, as the current solar capacity worldwide is insufficient to meet the demand for achieving decarbonization objectives. Especially in developing nations, advanced solar infrastructure is crucial to provide affordable electricity for local populations and economic growth.
The comments follow recent claims by some Western entities alleging that China’s aggressive development of solar energy is distorting global markets by flooding them with low-cost products, causing harm to other economies.
Importance of China’s Solar Industry
Liu Yiyang, deputy secretary-general of the China Photovoltaic Industry Association, highlighted the pivotal role of China’s solar industry in ensuring a steady supply of solar products globally. He emphasized its contribution to combating climate change and making solar energy economically viable for nations worldwide.
China’s solar prowess is exemplified by projects such as the provision of clean energy to refugees in Uzbekistan, facilitated by the UN Refugee Agency in collaboration with Chinese firm LONGi. Raouf Mazou, the agency’s assistant high commissioner for operations, praised Chinese energy companies for their role in addressing climate challenges and achieving energy equity globally.
Meeting Global Demands
With global renewable energy capacity set to triple by 2030, China’s expertise becomes increasingly vital. Despite criticisms of excess capacity driving down prices, analysts argue that China’s developments have spurred cost reductions, benefiting countries in need of affordable electricity and promoting local economic growth.
Impact on Global Markets
International Energy Agency reports indicate substantial savings for European consumers due to the adoption of solar and wind power, replacing traditional energy sources and reducing electricity prices. The rapid expansion of China’s PV industry not only aids developing nations in overcoming energy shortages but also stimulates local employment and economic development.
Cyclical Nature of the Industry
Zhu Gongshan, chairman of Golden Concord Holdings Ltd, acknowledges the cyclical nature of the PV industry, influenced by market dynamics, technological advancements, and policy changes. He emphasizes that current adjustments are a natural part of market evolution, fostering competition and innovation.
China’s commitment to solar energy not only drives down costs but also accelerates global efforts towards a sustainable energy future, offering opportunities for economic prosperity and environmental stewardship worldwide.
Source：chinadaily.com.cn
