China continues to lead in energy transition with low-carbon power: Wood Mackenzie

China continues to lead the energy transition, in a pathway to source 50% of its power from low-carbon energy including hydropower, solar, wind, nuclear, and energy storage by 2028, according to Wood Mackenzie’s report on Thursday.

The report projected solar and wind capacity to exceed coal-fired power generation by 2037.

As of the end of October, China’s total installed power capacity is 3,194.27 gigawatts (GW), according to the National Energy Administration of China.

This includes 1,425.97 GW from coal (thermal power), 793.11 GW from solar power, 486.17 GW from wind, 430.88 GW from hydropower and 58.08 GW from nuclear power.

The report stated that out of the total installed capacity, 44.6% (1,425.97 GW) comes from coal (thermal power), while 55.4% (1,768.24 GW) is derived from clean and renewable energy sources such as hydropower, wind, solar, and nuclear energy.

‘Never has the world witnessed the pace of growth or transformation of an energy system that China is currently achieving,’ author Malcolm Forbes-Cable, Vice President, Upstream and Carbon Management Consulting at Wood Mackenzie.

He said that by 2025, China’s installed solar and wind capacity will exceed that of both Europe and North America.

– China’s electrifies transport sector

China’s transport sector is also undergoing a significant transformation.

By 2034, battery electric vehicles (BEVs) will dominate passenger vehicle sales, reaching a 66% market share.

Combining BEVs and hybrids, EVs will constitute 89% of total sales, according to Wood Mackenzie.

‘BEVs are projected to grow by 8% annually through 2030, while sales of internal combustion engine (ICE) vehicles are expected to decline by 11% each year,’ said Forbes-Cable.

‘Wherever you are, Chinese EVs are coming your way,’ he added.

• National Energy Administration of China.