China advances global leadership in renewable energy amid sustained expansion plans » Capital News

BEIJING, China, Aug 27 — China’s energy sector has experienced unprecedented growth during the 14th Five-Year Plan (2021-25) period, solidifying its position as a global leader in renewable energy and contributing significantly to global decarbonization efforts, said officials and industry experts.

The speed and scale of China’s renewable energy capacity expansion during the past five years were “unprecedented”, Wang Hongzhi, head of the National Energy Administration, said at a news conference in Beijing on Tuesday.

The share of renewable energy in its total installed power generation capacity rose from 40 percent to approximately 60 percent during the period, with wind and solar power experiencing “leapfrog development “in annual installations, he said.

This shift is reflected by China’s energy consumption mix, with nonfossil energy sources increasing by 1 percentage point annually, while coal consumption has decreased by the same margin, according to figures released by the administration.

China’s exports of wind and solar power products have also cumulatively reduced carbon emissions in other countries by approximately 4.1 billion metric tons, it said.

Industry analysts said that China, which already has the world’s largest renewable energy capacity, has been accelerating its transition to a greener economy in recent years, with solar power leading a charge that is set to break existing records.

Zhu Yicong, vice-president of renewables and power research at global consultancy Rystad Energy, said China has witnessed an impressive surge in renewable energy capacity installation.

The projection underscores China’s determination to lead the global transition to a cleaner energy future, she said.

With solar and wind power now accounting for more than a quarter of China’s total electricity generation, the country’s rapid expansion of green power generation is fueling a surge in electrification across various sectors, said Lu Ruquan, president of China National Petroleum Corp Economics and Technology Research Institute.

New energy technologies

Meanwhile, China is also leading the world in new energy technologies and equipment, holding over 40 percent of global new energy patents, and consistently breaking world records in photovoltaic conversion efficiency and offshore wind turbine capacity, said Wang, head of the National Energy Administration.

Emerging models and business formats, including smart micro-grids and virtual power plants, are also developing rapidly and becoming an important source of new productive forces, he said.

Fueled by the growth of renewable energy technologies and increased participation from the private sector, energy industry investment has grown at an average annual rate of over 16 percent since the start of the 14th Five-Year Plan.

Wan Jinsong, deputy head of the administration said that in 2024, investment in key projects such as new energy storage, charging and battery swapping infrastructure, hydrogen energy, and integrated source-grid-load-storage systems approached 200 billion yuan ($28 billion).

China’s private enterprises are deeply involved in national science and technology projects in the energy sector. Private enterprises account for more than 85 percent of the power facility construction sector, with an average annual growth rate of over 15 percent, Wan said.

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