China’s new energy industry accelerates global green transformation

BEIJING/WAM

In recent years, the new energy sector in China has undergone considerable expansion, marked by a surge in international collaboration within this domain. According to a report published by the People’s Daily, China’s substantial role in fostering the global shift toward green and low-carbon initiatives continues to garner global recognition, identifying the nation as a pivotal catalyst in the global transition toward sustainable energy practices and endeavours to mitigate climate change.
China’s commitment to its “dual carbon” goals, announced in 2020, has led to a steadfast fulfillment of its pledges. The nation has accelerated its energy structure transformation and promoted the swift development of renewable energy sources. According to the International Energy Agency, China accounted for more than half of the global annual renewable capacity additions last year, which totalled 510 gigawatts (GW).
Chinese wind and solar products have been distributed to more than 200 countries and regions globally, facilitating access for developing nations to clean, dependable, and cost-effective energy solutions. In 2022, China’s renewable energy generation contributed to a reduction of approximately 2.26 billion tonnes in domestic CO2 emissions, while the exportation of wind and solar products aided other nations in decreasing CO2 emissions by an additional 573 million tonnes. Collectively, these endeavours constituted roughly 41 percent of the global reduction in carbon emissions attributed to renewable energy.
China has emerged as a global leader in various new energy technologies and equipment manufacturing, establishing the world’s largest clean power supply system. Chinese innovations in new energy vehicles, lithium batteries, and photovoltaic products have brought new hope to global climate change mitigation efforts. The country’s advancements, such as the world’s first 16-megawatt offshore wind turbine and the commercial operation of the world’s first fourth-generation nuclear power plant, have contributed significantly to the global energy transformation.
The International Renewable Energy Agency reported that the average kilowatt-hour cost of global wind power and photovoltaic power generation has decreased by more than 60 percent and 80 percent, respectively, over the past decade, largely due to China’s innovation, manufacturing, and engineering capabilities. Fatih Birol, executive director of the International Energy Agency, emphasised China’s role in improving the accessibility of clean energy technologies and reducing the global cost of using green technologies.
China’s overseas investments in clean energy, covering wind power, solar power, and hydropower, have helped other countries achieve their carbon reduction goals while creating new industries and employment opportunities. In 2023, China exported over 1.2 million new energy vehicles, representing a 77.6 percent year-on-year growth and positioning the nation as a significant force in the global automotive industry’s transformation.