China accelerates its embrace of clean energy and hopes to reach its carbon neutral goal by 2060

According to the National Renewable Energy Power Development Report issued by the National Energy Administration of China, China’s actual consumption of renewable energy power will exceed 2.16 trillion kilowatt-hours in 2020, accounting for 28.8% of China’s total electricity consumption, which is similar to 2019. The ratio increased by 1.3 percentage points. .

In 2020, China’s newly installed offshore wind power capacity was 3.06GW, accounting for about half of the world’s total new installed capacity. By the end of the year, China’s total offshore wind power installed capacity was 9GW, ranking second in the world.

By the end of 2020, China’s installed capacity of non-fossil energy power generation has increased to 1.08 billion kilowatts (billion kWh), accounting for nearly half of China’s total installed power generation capacity. With the vigorous development of China’s renewable energy production capacity, the manufacturing costs of solar and wind energy facilities have also fallen sharply. It is estimated that the power generation costs of these technologies have fallen by 60% and 80% in China since 2014. They are now close to, or even lower than, the cost of new coal-fired power generation in most regions.

It is estimated that by the end of 2021, the installed capacity of non-fossil energy will reach 1.12 billion kilowatts, accounting for 47.3% of the total, an increase of 2.5% compared to 2020. It is estimated that by the end of 2021, the installed capacity of non-fossil energy will exceed that of coal. By the end of 2021, the non-fossil fuel installed capacity will reach the target of 1.12 billion kilowatts; the carbon-free power generation capacity of nuclear, hydro, wind and solar will increase by about 10%.

Because the cost of wind power and solar projects has fallen rapidly in recent years, solar and wind power are sold to the grid at the same price as coal-fired power generation. It is expected that the Chinese government will begin to eliminate subsidies for wind and solar projects. The reduction in the cost of solar power generation means that China’s solar energy industry has entered the market-oriented era from policy-oriented, and renewable energy can also assist China in fulfilling its carbon emission commitments.

China will reach its peak carbon emissions by 2030 and achieve the goal of carbon neutrality by 2060, relying more on clean energy such as solar power and wind power. As the technology matures, solar and wind power have attracted more and more attention.