China to meet its 2030 renewable energy target by end of this year
China is ahead of schedule in surpassing its 2030 renewable energy targets, with plans to add 70GW of wind power and 190GW of solar capacity by 2024. Concerns about overcapacity in the solar industry persist. Opportunities for energy storage and power grid equipment sectors are expected to rise.
Read original article
China is set to exceed its 2030 renewable energy targets by the end of this year, according to the China Renewable Energy Engineering Institute (CREEI). The country is expected to add 70GW of wind power capacity and 190GW of solar capacity by the end of 2024, surpassing the 2030 target of 1,200GW six years ahead of schedule. China added 217GW of solar power and 76GW of wind power capacity in 2023, bringing the total capacity to 1,050GW by the end of that year. The rapid expansion of renewable energy in China has raised concerns about overcapacity, particularly in the solar cell industry. To achieve its goal of having 80% of its energy mix from non-fossil fuels by 2060, China needs to enhance the stability and reliability of its renewable power supply and upgrade its power grids. This shift towards renewable energy is expected to create opportunities for the energy storage and power grid equipment sectors, with significant growth anticipated in these areas.
Related
Sun Machines
Solar energy's exponential growth in capacity installations is reshaping the energy sector. China leads in solar panel production, driving clean and cost-effective energy adoption globally. Analysts foresee solar becoming the primary energy source by the 2040s.
One Year Since Germany's Nuclear Exit: Renewables Expand, Fossil Fuels Reduced
One year after Germany's nuclear exit, Fraunhofer ISE reports increased renewable energy capacity, reduced fossil fuel electricity generation, and a cleaner energy mix. Renewable sources compensated for lost nuclear power, leading to a 26% decrease in non-renewable generation.
China's Offshore Wind Power Prices to Undercut Coal This Year
China's energy sector sees offshore wind power prices dropping below coal-generated electricity, driven by government-approved projects. A 306MW wind farm near Shanghai offers electricity 27% cheaper than coal. Plans aim to triple offshore wind capacity by 2030, aligning with China's renewable energy goals.
Wind and solar are 'fastest-growing electricity sources in history'
Wind and solar energy are rapidly growing, surpassing other electricity sources. They prevent increased emissions but need faster expansion to meet rising energy demands sustainably, especially with solar's cost-effectiveness and challenges in generation growth.
EU Hits Record 74% Zero-Emission Power Generation
The European Union achieved a record 74% zero-emission power generation, with renewables and nuclear sources playing key roles. Challenges persist in grid investments to support the energy transition effectively. Eurelectric stresses modernizing distribution grids for electrification and resilience.
0 commentsRelated
Sun Machines
Solar energy's exponential growth in capacity installations is reshaping the energy sector. China leads in solar panel production, driving clean and cost-effective energy adoption globally. Analysts foresee solar becoming the primary energy source by the 2040s.
One Year Since Germany's Nuclear Exit: Renewables Expand, Fossil Fuels Reduced
One year after Germany's nuclear exit, Fraunhofer ISE reports increased renewable energy capacity, reduced fossil fuel electricity generation, and a cleaner energy mix. Renewable sources compensated for lost nuclear power, leading to a 26% decrease in non-renewable generation.
China's Offshore Wind Power Prices to Undercut Coal This Year
China's energy sector sees offshore wind power prices dropping below coal-generated electricity, driven by government-approved projects. A 306MW wind farm near Shanghai offers electricity 27% cheaper than coal. Plans aim to triple offshore wind capacity by 2030, aligning with China's renewable energy goals.
Wind and solar are 'fastest-growing electricity sources in history'
Wind and solar energy are rapidly growing, surpassing other electricity sources. They prevent increased emissions but need faster expansion to meet rising energy demands sustainably, especially with solar's cost-effectiveness and challenges in generation growth.
EU Hits Record 74% Zero-Emission Power Generation
The European Union achieved a record 74% zero-emission power generation, with renewables and nuclear sources playing key roles. Challenges persist in grid investments to support the energy transition effectively. Eurelectric stresses modernizing distribution grids for electrification and resilience.