Only a small portion of China is above 49° North; this website’s bailiwick.
But a tipping point in this powerhouse’s energy mix is an unignorable sign.
In 2023, China’s share of renewable energy capacity, primarily driven by solar, wind, and hydropower, reached 50% of the nation’s total generation capacity, according to China’s official news agency, Xinhua.
Conversations about the clean energy transition often lead to pointing the finger to China. Indeed, the huge nation is the world’s largest emitter of carbon dioxide, responsible for 31% of global emissions in 2022, emphasising the country’s move away from its long-standing use of fossil fuels, such as coal.
A particularly interesting point though is the profitability of new clean tech installations compared to traditional coal and gas methods. Research by Rystad Energy, a consultancy, revealed that 14 Chinese electricity generators found renewable energy to be more lucrative. This shift suggests that financial drivers are behind China’s renewable energy initiatives, signaling a market-driven transformation.
Contrary to the perception of state-owned enterprises as slow-moving entities, China’s play a pivotal role in accelerating the adoption of clean technologies. These bodies, contributing greatly to China’s GDP, possess the resources and support to develop large-scale solar and wind projects, even in remote areas.
The combination of market dynamics, profitability, and political commitment has positioned China to surpass its target of installing 1,200GW of solar and wind energy capacity by 2030, potentially five years ahead of schedule, according to Global Energy Monitor.
Moreover, there are optimistic forecasts that China may achieve its target of peak CO₂ emissions by 2030 ahead of schedule, enhancing its influence in global climate negotiations. As part of China’s vision for an alternative world order, environmental responsibility features prominently in the Global Civilisation Initiative launched by President Xi Jinping.
China’s leadership in solar, wind, and electric vehicle (EV) technologies has fueled its ambitions to capture overseas markets. With Chinese EVs accounting for 8% of sales in Europe, projected to rise to 15% by 2025, concerns are emerging in the West. The European Commission is investigating potential punitive tariffs on Chinese EV imports, citing concerns about artificially low prices due to substantial state subsidies.
Now read
Europe enhances its greenhouse gas goals
Source
China’s striking advances in green technology, FT, 2023-01-04
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