China’s National Bureau of Statistics released data on climate energy financing (CEF) and said the country will achieve its interim climate goals six years ahead of schedule. Thus, one of the goals until 2030 was to obtain 1,200 GW of energy from renewable sources. As of May 2024, China has already deployed solar and wind installations with a total capacity of 1,152 GW, significantly ahead of plans.
Obviously, the milestone will be passed in the coming weeks. China, considered one of the dirtiest countries in terms of industrial greenhouse gas emissions, has set an example of how to take care of the environment. This does not exclude the fact that the Celestial Empire continues to create coal-fired power plants, but the commissioning of new capacities has decreased significantly. In particular, by 45% on an annual basis, if we talk about the period from January to May 2024.
In the first five months of 2024, China added 103.5 GW of clean energy capacity (including nuclear and hydropower). As in 2023, solar energy remains the country’s leader in capacity expansion. In the first five months of this year, installed capacity in this area amounted to 79.2 GW, or 68% of new installed energy sources. Over the year, this figure increased by 29% and continues to grow.
Image source: CEF
Wind power has become the second most widespread source of green energy in China, reaching a total of 19.8 GW of new capacity in 2024, accounting for 17% of the total. Wind power installations are up 21% year over year and, like solar, continue to rise from a 2023 record high. This brings the total installed wind and solar power capacity in China to 1,152 GW at the end of May 2024 and, based on current rates, should very soon exceed the target previously set for 2030.
Despite the impressive achievements in the clean energy field, any deviation from plans – even ahead of schedule – should raise questions and even concerns. Previously, there was information that Chinese infrastructure is unable to absorb such a rapid increase in solar production.