A recent report released by BNEF shows that in the first half of 2022, the global investment in renewable energy will reach a record 266 billion dollars, with China accounting for 43%, becoming the “leader” in the field of global renewable energy investment. In addition, China is also rapidly achieving its own renewable energy goals.

Consistent with the global trend, China’s investment in renewable energy has also increased significantly. In the first half of 2022, China’s investment in large-scale solar projects will be 41 billion US dollars, an increase of 173% over last year. The investment in new wind power projects was US $58 billion, up 107% year on year.

China’s climate goals are: by 2030, the proportion of non fossil energy in primary energy consumption will reach about 25%, and the total installed capacity of wind power and solar power will reach more than 1200 GW. Achieving these goals is expected to enable China’s carbon dioxide emissions to reach the peak before 2030.

In 2021, China announced a new “1+N” policy system of carbon peak carbon neutralization to achieve its carbon peak and carbon neutralization goals. In addition, in June this year, the National Development and Reform Commission and the National Energy Administration jointly issued the Fourteenth Five Year Plan for Renewable Energy Development, outlining China’s renewable energy roadmap from 2021 to 2025. The Plan specifies that by 2025, the annual power generation of renewable energy will reach about 3.3 trillion kWh, the wind power and solar power generation will double, and the scale of non electricity utilization such as solar thermal utilization, geothermal energy heating, biomass heating, and biomass fuel will reach more than 60 million tons of standard coal.

BNEF pointed out that green infrastructure investment is the most important investment area for China to boost its economy in the second half of 2022. The investment growth trend is in line with China’s development strategy, that is, to build new renewable energy power generation capacity to replace existing coal-fired power generation units. China is expected to achieve the goal of 1200 GW of wind and solar power generation capacity by 2030.

Source: CWEA