China is spearheading the global renewable energy sector, according to a recent report by the International Energy Agency (IEA). The nation’s contributions to solar energy, energy storage, and other green technologies are transforming the global energy market.
Significant Growth in Renewable Energy
Last year, China surpassed the combined renewable energy capacity of other regions worldwide. The IEA projects China will contribute nearly 40% of global renewable energy capacity by 2030, with substantial growth in solar, wind, and hydropower. This development underscores China’s critical role in advancing global renewable energy.
IEA senior energy analyst Heymi Bahar highlighted China’s record-breaking renewable capacity additions. China’s vast solar manufacturing capacity strengthens the global foundation for renewable energy development. Without China’s progress, achieving the goal of doubling global renewable energy capacity by 2030 would be more challenging.
Major Investments and Green Energy Policies
China’s investments in clean energy account for one-third of global clean energy investments. This significant investment supports both global renewable energy developments and China’s overall GDP growth. The nation aims to peak carbon emissions before 2030 and achieve carbon neutrality by 2060, demonstrating strong commitment to green energy policies.
The IEA report reveals China commissioned as much solar PV in one year as the entire world did in 2022. Wind power installations grew by 66% year-on-year. Additionally, China added 11 gigawatts of nuclear power in the past five years, the largest increase by any country.
Export Growth in Green Technologies
China’s export of new energy vehicles, photovoltaic products, and lithium batteries, collectively known as the “new three,” jumped 30% in 2023. This surge highlights the country’s influence in the global green energy market. These trends are expected to continue in 2024, with significant investments directed toward low-emission power.
Future Outlook and Continued Support
Ample domestic manufacturing capacity and ongoing government support for clean technologies provide a solid foundation for China’s strong clean energy investment. The nation’s overall energy investment levels align with its national energy and climate goals.
China’s leadership in renewable energy capacity expansion positions it as a vital player in global efforts to combat climate change. With continued advancements in solar technology and energy storage, China’s influence on the global solar energy market remains unparalleled.
These developments emphasize the importance of green energy policies and investment in the renewable energy sector, shaping the future of global energy market trends.
Source：chinadaily.com.cn
