China’s Renewable Energy Surge: Surpassing Targets and Leading Global Trends
Accelerating Wind and Solar Capacity
Six years ahead of Beijing’s target, China is expected to reach 1,200GW of installed wind and solar capacity by the end of 2024.
China’s Dominance in Renewable Energy Production
According to a report, China is currently building almost twice as much wind energy and solar power as the entire world combined. Global Energy Monitor (GEM) released research indicating that 180 GW of utility-scale solar power and 159 GW of wind power are currently under construction in China, far more than the 40 GW being built in the US.
Factors Driving China’s Renewable Energy Boom
Recent years have seen a boom in renewable energy in China, largely due to strong government support. China’s president, Xi Jinping, has emphasized the need for “new quality productive forces,” a slogan that expresses a desire to shift China’s economy in favor of innovation and technology. Bolstering green manufacturing is one of the “new quality productive forces” that Xi has prioritized.
Exceeding Renewable Energy Targets
According to the GEM analysts, China installed more solar between March 2023 and March 2024 than it had installed in the three years prior combined, and more than the entire world installed in 2023. By the end of 2024, China is expected to have installed 1,200GW of wind and solar capacity, six years ahead of the government’s target.
Challenges and Opportunities in China’s Renewable Energy Transition
Analysts have warned that additional renewable capacity will be required if China is to meet its goal of reducing the economy’s carbon intensity by 18%, a crucial step in lowering emissions. To achieve its goal of producing 25% of all energy from non-fossil sources by 2030, China will likely need to install 1,600GW to 1,800GW of wind and solar energy.
However, coal continues to be a major component of China’s electricity grid, which officials view as essential to lessen the intermittent nature of renewable energy. Better grid flexibility and storage are required to make effective use of the growing amount of clean energy produced on China’s wind and solar farms.
China’s Global Leadership in Renewable Energy
The GEM report emphasized China’s leadership in the actual construction of planned infrastructure for renewable energy. The 339GW of solar and wind power that have advanced to the construction stage account for one-third of the projects that have been proposed, greatly exceeding the 7% global construction rate.
