China 'leads global renewables race' with a record-breaking 230GW wind and solar installations in 2023 - Recharge
China ‘leads global renewables race' with a record-breaking 230GW wind and solar installations in 2023 | Recharge
China is on target to reach a record 230GW of wind and solar installations this year, more than double the number of US and European installations combined, according to a new report by energy consultancy Wood Mackenzie.
Wind and solar project investment for China is expected to reach $140bn for 2023, according to the report’s findings.
“China announced its 2060 carbon neutral target in 2020 and since then has been quietly re-organising the entire power sector to support rapid electrification and expansion of renewables.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.