Industry experts assert that China stands ready to tackle global energy transition challenges with innovative energy technologies, accelerating its role as a pioneer in this critical sector. Lin Jianhai, vice-president of the International Finance Forum, highlighted China’s proactive stance during the launch of the IFF Energy Transition and Development Committee in Beijing.
Technological Advancements Driving Transformation
China’s advancements span key areas like third-generation nuclear power, photovoltaic efficiency, ultrahigh voltage transmission, and hydropower. The country’s strides in industrializing new energy storage and hydrogen technologies further underscore its leadership in global energy innovation.
Challenges Amid Progress
Despite these achievements, experts acknowledge challenges such as financing gaps and policy coordination in the global energy transition landscape.
Significant Milestones in Renewable Energy
China surpassed 1.5 billion kilowatts of renewable energy capacity in 2023, exceeding 50% of its total installed power capacity and historical thermal power levels. The nation also led the world in new renewable energy installations last year, marking a pivotal contribution to the global renewable energy sector.
Enhancing Power Grid Infrastructure
To address stability issues stemming from intermittent energy sources, China is prioritizing 33 key grid projects, including the Sichuan-Chongqing ultrahigh voltage alternating current initiative. This initiative aims to bolster the grid’s capacity to integrate renewable energy seamlessly.
Future Outlook
Du Zhongming from the National Energy Administration (NEA) reaffirmed plans to enhance grid flexibility and inter-provincial power-sharing capabilities, essential for accommodating the increasing share of renewable energy in China’s power mix.
Global Impact
According to the International Energy Agency, China’s substantial investments have significantly reduced global costs for wind and solar power projects over the past decade. In 2023 alone, China’s new renewable energy installations surpassed the rest of the world combined, solidifying its pivotal role in shaping the global renewable energy landscape.
This strategic approach underscores China’s commitment to sustainable energy solutions and its pivotal role in driving global energy transformation efforts.
Source: china.org.cn
