China is leading the energy transition with unprecedented progress in multiple sectors, a new report has concluded.
Wood Mackenzie, a data and analytics firm with offices throughout the globe, says the nation will have a solar and wind capacity exceeding that of Europe and North America combined within the next year.
“China continues to lead the energy transition, in a pathway to source 50 per cent of its power from low-carbon energy including hydro, solar, wind, nuclear, and energy storage by 2028,” the firm wrote on Thursday.
The International Energy Agency recently predicted that China would produce half of the world’s renewables by the end of the decade, affirming Wood Mackenzie’s statements. This achievement will be primarily propelled by the Asian nation’s investments and advancements in solar technology. China currently produces 80 per cent of the world’s solar photovoltaic panels.
“Never has the world witnessed the pace of growth or transformation of an energy system that China is currently achieving,” Wood Mackenzie report author Malcolm Forbes-Cable said.
China invested a whopping US$546 billion into clean energy projects in 2022. It was divided among wind, solar and electric vehicle initiatives. Clean energy products and services contributed 9 per cent of China’s gross domestic product in 2023.
Comparing China's renewable energy additions to the entire rest of the world.#Climate #China pic.twitter.com/y1hXU2e2AB
— Jason Smith – 上官杰文 (@ShangguanJiewen) December 5, 2024
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China collaborates with UK for clean energy forum
On Dec. 10, the two nations hosted an event in Manchester aimed at enhancing their collaboration in the clean energy field. It has been an annual occasion since 2022. Hydrogen has been one of the key topics.
Leading Chinese operators in the renewable energy sector include LONGi Green Energy Technology Co Ltd (SHA: 601012), BYD Company ADR (OTCMKTS: BYDDY) and Contemporary Amperex Technology Co Ltd (SHA: 300750).
In 2017, the country started operations at a vast solar farm constructed in the shape of a giant panda — its national animal.
The largest solar panel farm in the world is currently situated in Xinjiang, China. It spans nearly 33,000 acres.
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