Introduction
China is setting an example in the world by doubling its wind and solar energy capacity and hitting its 2030 clean energy targets five years early. As per a new report by Global Energy Monitor, China is expected to produce 1,200 gigawatts of solar and wind power by 2025 if all prospective plants are built and commissioned. This report is a clear indication of China’s continuous efforts to reduce carbon emissions and become a global leader in renewable energy.
China’s Clean Energy Targets
China has pledged to become carbon neutral by 2060, and its recent efforts to double its wind and solar energy capacity are a testament to its commitment. While some experts argue that China’s reliance on coal poses a significant challenge to global green energy targets, the pace of wind and solar development is a positive sign. Byford Tsang, Senior Policy Adviser at climate think tank E3G, believes that China’s ability to build and deploy homegrown, cost-competitive renewable energy at speed and scale further calls into question the economic viability of new coal projects into the future.
China’s Renewable Energy Boom
China’s renewable energy boom is the result of a combination of incentives and regulations. Solar capacity in China is now greater than the rest of the world combined. Its onshore and offshore wind capacity has doubled since 2017, and is roughly equal to the combined total of the other top seven countries. Dorothy Mei, Project Manager at Global Energy Monitor, said China’s surge in solar and wind capacity was “jaw-dropping.”
Incentives and Regulations
China’s renewable energy boom is the result of a combination of incentives and regulations. The Chinese government has implemented various measures, including subsidies, tax incentives, and feed-in tariffs, to encourage the development of renewable energy sources. In addition, the government has set ambitious targets for renewable energy generation and has implemented regulations to reduce carbon emissions.
Coal Production in China
While China has made significant progress in renewable energy generation, it is still the world’s biggest producer of planet-heating pollution and is ramping up coal production. Coal power permitting in China accelerated rapidly last year when new permits reached their highest level since 2015. The amount of new coal projects permitted was equivalent to two large coal plants a week, according to a report by the Center for Research on Energy and Clean Air and the Global Energy Monitor.
Challenges to China’s Renewable Energy Goals
China’s reliance on coal poses a significant challenge to its renewable energy goals. However, the relative cheapness of renewable energy is likely to persuade China to reduce its reliance on coal. Byford Tsang, Senior Policy Adviser at climate think tank E3G, believes that China’s ability to scale up its deployment of renewable power rapidly and successfully will further call into question the economic viability of new coal projects into the future.
China’s Energy Storage and Green Technologies
China needs to make bolder advancements in energy storage and green technologies for a secure energy future. Martin Weil, a researcher at Global Energy Monitor, said that “with coal still holding sway as the dominant power source, the country needs bolder advancements in energy storage and green technologies for a secure energy future.” The Chinese government needs to allocate more resources to research and development of energy storage and green technologies to achieve its renewable energy targets.
The Economic Viability of Renewable Energy
The economic viability of renewable energy is rapidly increasing, and China is leading the way. Byford Tsang, Senior Policy Adviser at climate think tank E3G, believes that China’s ability to build and deploy homegrown, cost-competitive renewable energy at speed and scale further calls into question the economic viability of new coal projects into the future. The Chinese government should continue to invest in renewable energy and phase out coal to ensure a sustainable and secure energy future.
No New Coal-Fired Power Plants
In 2021, the International Energy Agency (IEA) said that no new coal-fired power plants can be built, and no new oil and gas be developed, if the world is to limit warming to 1.5 degrees Celsius above pre-industrial levels. This report from ERG calls into question the economic viability of new coal projects into the future.
Conclusion
China’s efforts to double its wind and solar energy capacity and hit its 2030 clean energy targets five years early are a testament to its commitment to reduce carbon emissions and become a global leader in renewable energy. While China’s reliance on coal poses a significant challenge to its renewable energy goals, the relative cheapness of renewable energy is likely to persuade China to reduce its reliance on coal. The Chinese government needs to allocate more resources to research and development of energy storage and green technologies to achieve its renewable energy targets and ensure a sustainable and secure energy future.
Source: CNN
