China is set to exceed its wind and solar power targets, defying global economic uncertainties, with projections indicating the installation of over 200 million kilowatts of new solar and wind capacity by 2024—six years ahead of the initial plan, as reported by a prominent think tank.
Last year, China achieved a significant milestone as the installed capacity of renewable energy surpassed that of coal in the first half, marking a pivotal shift in the country’s energy landscape. This trend continued in the second half of 2023, with renewable energy accounting for approximately half of the total installed capacity.
The Center for Energy and Environmental Policy Research of Beijing Institute of Technology released a recent report emphasizing that these efforts contribute to China’s green growth by providing affordable and eco-friendly sustainable energy. The report highlighted the continuous surge in innovation from Chinese new energy companies, anticipating sustained improvements in efficiency throughout the year.
In a groundbreaking achievement, Longi Green Energy Technology Co Ltd, a leading player in China’s photovoltaic industry, set a world record in November with a conversion efficiency of 33.9 percent for silicon-perovskite tandem solar cells—a crucial benchmark in evaluating the potential of photovoltaic technologies.
Cost reduction and efficiency improvement are identified as pivotal drivers in the photovoltaic industry. Jiang Hua, deputy secretary-general of the China Photovoltaic Industry Association, emphasized that the continuous enhancement of conversion efficiency is crucial for reducing overall photovoltaic power generation costs, thereby driving growth in the global and Chinese photovoltaic markets.
Substantial investments have been directed not only towards expanding production capacity but also fueling research and development in the photovoltaic industry. In 2023, a plethora of new technologies was integrated into production processes, further enhancing the industry’s capabilities.
Solar power has emerged as a key driver in China’s high-quality economic development, according to Yu Biying, a professor at Beijing Institute of Technology. Solar cells, along with lithium-ion batteries and new energy vehicles, have replaced traditional exports, making them top contributors to China’s export portfolio amid the nation’s pursuit of high-quality and low-carbon development.
The report foresees a continued surge in investments in the renewable energy sector in 2024, despite subdued global economic prospects. Chinese enterprises are expected to strategically invest in overseas plants, bolstering the nation’s global position in renewable energy and overcoming international trade barriers. With over 50 percent of the global market share in wind power equipment production and more than 80 percent in photovoltaic components, China’s renewable energy industry is poised for continued growth and increased international competitiveness, transitioning from scale expansion to a phase of quality enhancement.