China to sustain lead in renewables in the long term: report
This will mainly come from its solar power sector.
Mainland China will likely sustain its strong growth in renewables in the next ten years, Fitch Solutions reported.
This is supported by government policies intended to increase renewable energy generation to meet additional electricity demand.
“We expect this growth to continue over the coming 10 years, mainly coming from the solar power sector,” Fitch reported.
China continued to experience growth in its non-hydropower renewables sector with a 19% and 19.2% increase in 2021 and 2022, respectively.
Citing the latest data released by the National Energy Administration in March 2023, China added slightly more than 20.4 gigawatts of solar photovoltaic capacity, and about 5.8GW of wind power in January and February 2023 combined.
The market also added a total of 13.3GW of solar capacity during the rest of the first quarter of 2023.