China’s clean energy sector is experiencing a remarkable boom. The country’s contributions to the global green transition are undeniable. In 2023, the world installed 425 gigawatts of new solar power.
“Both independent research firm Bloomberg NEF and the international Climate Analytics institute say it is possible we will see global emissions fall in 2024 and 2023 will have been the peak of global emissions.” https://t.co/Ye96JZpsDG
— David Wallace-Wells (@dwallacewells) September 22, 2024
China alone was responsible for 263 gigawatts of that total. The United States installed only 33 gigawatts in comparison. China accounted for about one-quarter of global solar capacity additions in 2019.
World expects to install 593 GW of solar PV in 2024, 29% more than in 2023 (459 GW).
China: +334 GW (56% of total additions)
Rest of world: +259 GWhttps://t.co/tt56dwNzFn @EmberClimate @aeeolica— Mark Z. Jacobson (@mzjacobson) September 22, 2024
By last year, this figure skyrocketed to 62 percent. China managed more new solar installations than the rest of the world combined. Over the past five years, China’s new solar capacity grew more than eightfold.
Why China’s clean tech glut is a net global positive
China’s leadership across all facets of decarbonisation, including research and development, investment, manufacturing and deployment, has delivered exceptional economic outcomes at homehttps://t.co/YwiOnZl5ML
— Paul Triolo (@pstAsiatech) September 22, 2024
Without China, the global capacity didn’t even double. The world outside China installed 90 gigawatts in 2019. This gradually climbed to 162 gigawatts by 2023.
It represents a 62 percent increase in new capacity between 2021 and 2023.
China’s solar power surge
China’s increase was a staggering 317 percent over the same period.
China’s dominance in the green energy sector is significant. Without China’s efforts, the global fight against climate change would face far greater hurdles. China now accounts for 93 per cent of the global polysilicon production capacity.
Polysilicon is a key input for solar panels. The scale of China’s production has led to a dramatic reduction in polysilicon prices. Prices for polysilicon produced outside China have remained high at around US$21 per kg.
Prices within China have dropped substantially to US$4-US$5 per kg. The lower cost of key materials like polysilicon is driving down the overall costs of solar panel production. This makes solar energy more affordable and accelerates the transition to renewable energy sources.
Other nations are struggling to compete with China’s low production costs. However, the net effect is positive for the global effort to mitigate climate change. China’s clean tech sector is facilitating a more rapid and widespread adoption of renewable energy technologies.
This is essential given the urgent need to decarbonise the global economy to address the climate crisis.
