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China to surpass 2030 renewable energy targets in 2024
China is set to become a powerhouse in the global renewable energy journey, leading the charge with a plan to achieve its 2030 targets six years ahead of schedule.
The latest projections made by the International Energy Agency's (IEA) report titled ‘Renewables 2023: Analysis and Forecast to 2028’ indicate that China will account for nearly 60% of the new renewable capacity expected to be operational worldwide by 2028.
Despite the phasing out of national subsidies in 2020 and 2021, China's deployment of onshore wind and solar photovoltaic (PV) projects is on the rise. This surge is attributed to the economic attractiveness of these technologies, coupled with supportive policy environments offering long-term contracts.
Experts predict that China will reach its national 2030 target for wind and solar PV installations this year, underscoring the country's commitment to sustainable energy solutions, the report highlighted.
“Renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022, with continuous policy support in more than 130 countries spurring a significant change in the global growth trend. This worldwide acceleration in 2023 was driven mainly by year-on-year expansion in the People’s Republic of China’s (hereafter “China”) booming market for solar PV (+116%) and wind (+66%),” the IEA report indicated.
China's renewable electricity capacity is projected to triple in the next five years compared to the preceding five years, contributing an unprecedented 56% to global expansion. From 2023 through 2028, China is anticipated to deploy almost four times more renewable capacity than the European Union and five times more than the United States, positioning itself as the unrivalled leader in renewable energy growth.
The growth is underpinned by the Chinese government's commitment to achieving net zero by 2060, supported by incentives outlined in the 14th Five-Year Plan (2021–2025). The availability of locally manufactured equipment and access to low-cost financing further contribute to China's robust expansion of renewable power over the forecast period.
