China’s RE capacity to skyrocket by over 2 TW until 2028

The country is expected to meet its 2030 1,200 GW solar and wind target this year.

China’s renewable energy capacity is expected to significantly increase by over two terawatt hours (TW) from 2023 to 2028 mainly driven by solar power which will account for 75% of the expected growth.

In a report, the International Energy Agency said its forecast is supported anchored on the new investments made in China since mid-2022 which saw the country’s solar photovoltaic (PV) manufacturing capacity exceeding that of the local and global demand.

As such, this led to a significant decline in module prices, making “solar installation more competitive with regulated lower prices.”

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The IEA added that generation costs for new utility-scale solar and onshore wind are lower than coal in almost all provinces, providing a more positive outlook on the sectors’ potential to drive down electricity prices.

“Our forecast expects that China will reach its 1,200 GW of cumulative solar PV and wind capacity target by 2030 this year,” the report read.