China’s substantial investment in renewable energy continues to reshape the global energy landscape, according to recent data from international agencies.
Between 2015 and 2023, China’s installed renewable energy capacity soared from 480 gigawatts to an impressive 1,450 gigawatts. In 2023 alone, China contributed over 305 gigawatts of the 510 gigawatts of newly installed global renewable energy capacity, accounting for more than half of the world’s total additions.
The International Renewable Energy Agency (IREA) highlights China’s pivotal role in reducing the global costs of solar photovoltaic (PV) and onshore wind energy. Between 2010 and 2022, the global weighted average cost of electricity generation fell by 89 percent for solar PV and 69 percent for onshore wind. These significant decreases are largely attributed to China’s large-scale production and technological advancements in renewable energy.
Looking ahead, the International Energy Agency (IEA) projects that China will contribute nearly 60 percent of new renewable capacity expected to become operational globally by 2028. The country’s renewable electricity capacity is set to grow by an additional 2,062 gigawatts between 2023 and 2028, reinforcing its crucial role in achieving global renewable energy targets.
China’s commitment to renewable energy not only bolsters its own energy security but also propels global efforts towards a more sustainable and green future. As China continues to lead in renewable energy capacity and innovation, its impact is felt worldwide through reduced costs and increased accessibility of clean energy technologies.
Reference(s):
cgtn.com
