China has solidified its position as a global leader in renewable energy, significantly boosting its installed capacity over the past decade. According to recent data, China’s renewable energy capacity surged from 480 gigawatts in 2015 to a staggering 1,450 gigawatts in 2023.
This rapid growth has not only transformed China’s energy landscape but has also had a profound impact on the global renewable energy sector. In 2023 alone, China contributed over 305 gigawatts of the 510 gigawatts of newly installed renewable energy capacity worldwide. This means China accounted for more than half of the world’s new renewable energy installations that year.
The International Renewable Energy Agency highlights China’s pivotal role in reducing the global costs of solar photovoltaics (PV) and onshore wind energy. Between 2010 and 2022, the global weighted average cost of electricity fell by 89 percent for solar PV and 69 percent for onshore wind. China’s large-scale adoption and manufacturing capabilities have been instrumental in achieving these cost reductions, making renewable energy more accessible around the world.
Looking to the future, the International Energy Agency projects that China will continue to drive global renewable energy growth. It is expected that China will contribute nearly 60 percent of the new renewable capacity becoming operational globally by 2028. With an anticipated addition of 2,062 gigawatts between 2023 and 2028, China’s ongoing investments in renewable energy are set to play a crucial role in meeting international energy and climate goals.
China’s commitment to renewable energy showcases its dedication to sustainable development and its influential role in global efforts to combat climate change. As the world navigates the transition to greener energy sources, China’s contributions are shaping a more sustainable future for all.
Reference(s):
cgtn.com
