Renewable Energy Makes a Leap in China’s Economy

Since the beginning of this year, China has accelerated a number of non-fossil energy projects and the green and low-carbon energy transition has achieved remarkable results. According to a recent report by China’s Electricity Board, China’s installed power capacity stood at 2.62 billion kilowatts as of the end of March. Of them, 1.33 billion kilowatts of installed capacity for non-fossil power generation, an annual increase of 15.9%, representing 50.5% of total installed capacity, and for the first time exceeding the 50% level.

Hydropower amounted to 420 million kilowatts, nuclear power to 56.76 million kilowatts, grid-connected wind to 376 million kilowatts and grid-connected solar to 430 million kilowatts, forming a diversified clean energy supply system.

China’s core pieces of wind and photovoltaic technology account for 70% of the global market share, and China leads the world’s countries in terms of construction power of hydropower units from a level of 1 million kilowatts.The production of polysilicon and photovoltaic components in China during January and February increased by more than 60% year over year. Exports of crystal silicon cell products also grew by more than 156% year over year.

According to the National Energy Administration, China will increase non-fossil energy consumption by an average of 1% per year in the next five years. By 2035, 80% of new electricity will come from non-fossil energy.