Wind and solar power are projected to surpass coal in China’s power mix by the end of this year, ending coal’s slight 2023 advantage over the renewable sources, which accounted for 36% of capacity by the close of last year.
China is set to generate 1,300 gigawatts (GW) of solar and wind power by the close of 2024, exceeding its official 2035 target of 1,200 GW five years ahead of schedule, a recent report indicates.
The nation has outstripped the rest of the world in solar power capacity, boasting more than half of the global total. Additionally, since 2017, it has experienced rapid growth in both onshore and offshore wind power.
Despite China’s ascension as a global leader in renewable energy, the nation continues to escalate coal production and financing, emphasizing the ongoing dominance of coal in the nation’s energy landscape, as China currently burns more coal than the rest of the world combined.
While China remains at the forefront of renewable energy development, it is noteworthy that the country, which burns more coal than the rest of the world combined, is still significantly boosting coal production and financing, underscoring the ongoing dominance of coal in the nation’s energy landscape.
Global spending on the clean-energy transition soared to a record high in 2023, with China leading the charge with $676 billion in spending, albeit a mere 6% increase compared to 2022. In contrast, investments in the US, the UK, and Europe surged by at least 22%, according to a report from BloombergNEF released this week.
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