That has helped make solar and wind installations in China economically competitive. Subsidies have played their part, as have regulations requiring each province to hit green energy targets. While over half a trillion dollars was spent worldwide on wind and solar last year, China accounted for 55% of that.
Instead of nuclear, solar is now intended to be the foundation of China's new electricity generation system. Authorities have steadily downgraded plans for nuclear to dominate China's energy generation. At present, the goal is 18 per cent of generation by 2060.
China added almost twice as much utility-scale solar and wind power capacity in 2023 than in any other year. By the first quarter of 2024, China’s total utility-scale solar and wind capacity reached 758 GW, though data from China Electricity Council put the total capacity, including distributed solar, at 1,120 GW.
Indeed, China is leading the way in renewables development. In July 2024, new data from Global Energy Monitor (GEM) found that China is building almost twice as much wind and solar energy capacity as every other country in the world combined, with 180GW of utility-scale solar and 159GW of wind power already under construction.
Wind and solar now account for 37% of the total power capacity in the country, an 8% increase from 2022, and widely expected to surpass coal capacity, which is 39% of the total right now, in 2024. Cumulative annual utility-scale solar & wind power capacity in China, in gigawatts (GW)
While over half a trillion dollars was spent worldwide on wind and solar last year, China accounted for 55% of that. Back in 2020, President Xi Jinping said that China would install over 1,200 gigawatts of solar and wind power by 2030. This new report says this target will be surpassed five years ahead of schedule.