China has solidified its position as the world’s largest investor in energy transition, significantly contributing to global efforts towards a cleaner and more sustainable future. According to a white paper titled “China’s Energy Transition” released by the State Council Information Office on Thursday, the country has made remarkable strides in its shift towards clean energy over the past decade.
Massive Investment in Clean Energy
In 2023, China’s investment in energy transition reached an unprecedented $676 billion. This substantial investment has not only bolstered China’s own renewable energy infrastructure but also had a profound impact on global energy markets. The white paper highlights that China’s advancements in renewable energy technologies have led to significant reductions in the costs of wind and photovoltaic power worldwide.
Notably, China’s exports of renewable energy technologies in 2023 enabled other nations to reduce their carbon dioxide emissions by approximately 810 million tonnes. Since 2013, China has been a major driver in the global increase of renewable energy capacity, accounting for over 40 percent of the annual growth. In 2023 alone, more than half of the world’s newly installed renewable energy capacity was contributed by China.
A Global Leader in Renewable Energy
China’s leadership in the renewable energy sector has been acknowledged by the International Energy Agency’s “Renewables 2023” report, which cites the nation as a frontrunner in the rapid expansion of global renewable energy capacity. Between 2014 and 2023, the global share of non-fossil fuels in energy consumption rose from 13.6 percent to 18.5 percent, with China contributing a significant 45.2 percent of this increase.
Accelerating Clean Energy Consumption
By the end of 2023, China’s total installed power generation capacity reached 2,920 gigawatts, with clean energy sources accounting for 1,700 gigawatts, or 58.2 percent. The proportion of clean energy in China’s total energy consumption increased from 15.5 percent in 2013 to 26.4 percent in 2023. Concurrently, coal consumption decreased by 12.1 percentage points, indicating a significant shift away from fossil fuels.
Clean energy’s share in China’s total electricity generation climbed to 39.7 percent by 2023, up by around 15 percentage points from 2013. Over half of the increase in electricity consumption over the past decade has been driven by clean energy, underscoring its expanding role in China’s energy mix.
Future Plans for Sustainable Energy
The white paper outlines China’s commitment to further adopting cleaner and more sustainable energy systems. With ongoing investments and innovations in renewable energy, China aims to continue its leadership role in global energy transition efforts, fostering international cooperation and contributing to a cleaner world.
Reference(s):
cgtn.com
