China Leads Global Solar Capacity with Unprecedented Growth in 2023

China has solidified its position as the global leader in renewable energy, boasting 40% of the world’s total solar capacity, surpassing the United States, which holds 12%, according to Rystad Energy.

In a remarkable achievement, China installed more new solar capacity last year than the cumulative total installed by any other country, as reported by Bloomberg. Rystad Energy anticipates China’s solar sector to continue breaking records, with installed capacity projected to surpass 500 gigawatts (GW) by the end of 2023. The country is poised to achieve an extraordinary milestone, doubling this capacity to 1 terawatt (TW) within a mere three additional years.

China’s National Energy Administration (NEA) revealed that the country added 216.9 GW of solar capacity in the previous year, surpassing its own record of 87.4 GW from the year before. This figure significantly outpaces the total solar capacity in the United States, estimated at 175.2 GW by BloombergNEF.

NEA spokesperson Zhang Xing reported a more than 34% increase in China’s new energy investments in 2023, emphasizing the substantial surge in the renewable energy sector. Lin Boqiang, the head of Xiamen University’s China Institute for Studies in Energy Policy, noted that China’s global leadership in renewable energy extends beyond investments, encompassing widespread adoption of innovative technologies and practices.

An International Renewable Energy Agency report highlighted that photovoltaic power and wind generation costs have plummeted by over 80% and 60%, respectively, in the past decade, largely attributed to China’s advancements in innovation, engineering, and manufacturing.

NEA data indicates a 55.2% increase in China’s installed solar power generation capacity last year, contributing to an overall power generation capacity growth of 13.9% to reach a total of 2,919 GW. Additionally, the country experienced a 20.7% expansion in wind power generation capacity.

The rapid growth in capacity is driven by ambitious government targets, with Beijing aiming to achieve peak emissions by the end of the decade and carbon neutrality by 2060. China is on track to surpass its goal of building 1,200 GW of renewable energy capacity by 2030, achieving this milestone five years ahead of schedule.

Pan Huimin, deputy head of the NEA’s international cooperation department, highlighted the global impact of Chinese enterprises, emphasizing investments in wind power, photovoltaic generation, and hydropower. Chinese exports of wind and solar products have exceeded $33.4 billion and $245.3 billion, respectively, reaching over 200 countries and regions.

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