China continues to assert its dominance in the global renewable energy landscape, showcasing remarkable growth and ambition. From 2015 to 2023, the Chinese mainland’s installed renewable energy capacity soared from 480 gigawatts to an impressive 1,450 gigawatts. This significant increase underscores China’s commitment to sustainable development and its pivotal role in steering global green initiatives.
In 2023 alone, the Chinese mainland contributed over 305 gigawatts of the 510 gigawatts of newly installed renewable energy capacity worldwide. This means more than half of the world’s new renewable capacity came from China, highlighting its leadership in the sector.
The International Renewable Energy Agency notes that China’s efforts have been instrumental in driving down global costs of renewable technologies. Between 2010 and 2022, the global weighted average cost of electricity dropped by 89 percent for solar photovoltaics (PV) and 69 percent for onshore wind energy. Much of this reduction is attributed to China’s large-scale production and technological advancements.
Looking ahead, the International Energy Agency projects that China will contribute nearly 60 percent of new renewable capacity expected to become operational globally by 2028. With plans to expand its renewable electricity capacity by an additional 2,062 gigawatts between 2023 and 2028, China’s trajectory remains crucial for achieving global renewable energy targets.
China’s aggressive expansion in renewable energy not only cements its position as a global leader but also propels the world towards a more sustainable and greener future. Investors, academics, and environmental enthusiasts worldwide are closely watching these developments, acknowledging the profound impact on global energy markets and environmental conservation efforts.
Reference(s):
cgtn.com
