Renewables provided the majority of China’s installed electricity capacity additions last year, according to data from the China National Energy Administration.
Through new investments, China added roughly 360 gigawatts to its installed electricity capacity last year to total 2,919.6 gigawatts.
In recent years, the cost-effective production of renewable power generation technologies and the government’s ambitious investment policies have become a driving force for both the country’s local investments and its global exports of these technologies and equipment.
This growth is particularly notable in the context of the country’s electricity supply portfolio, where thermal power plants, which account for about half of installed capacity, continued to see limited but increasing investment last year.
The most striking aspect of China’s capacity investment, however, has been the surge in renewables last year.
With over 217 gigawatts of additional capacity in 2023, solar topped the list, followed by wind with 76 gigawatts, thermal with 58 gigawatts, hydro with 8 gigawatts and nuclear power with 1.38 gigawatts. Proportionally, solar capacity increased by 55.2%, wind by 20.7%, thermal by 4.1%, and nuclear by 1.8%, contributing to a 13.9% increase in total installed capacity in 2023 compared to 2022.
In addition, thermal power plants led the energy portfolio with 1,390 gigawatts by the end of last year. Solar followed with 609.5 gigawatts, wind with 441.3 gigawatts, hydro with 421.5 gigawatts, and nuclear with 57 gigawatts, with the remaining capacity coming from other sources.
– Energy storage capacity exceeds 31 gigawatts
The increase in energy storage capacity also marked a significant aspect of China’s energy investments in 2023. Storage capacity exceeded 1 gigawatt in 11 provinces, with total capacity reaching 31.4 gigawatts by the end of last year.
New types of energy storage projects were particularly concentrated in the Xinjiang Uyghur and Inner Mongolia autonomous regions, as well as the Shandong, Gansu and Hunan provinces, where lithium-ion battery technology emerged as a prominent storage solution.
– Renewable energy equipment exports reach around $280 billion
According to the International Energy Agency’s (IEA) Renewable 2024 report, global renewable energy capacity is expected to increase by 3,700 gigawatts to reach 7,300 gigawatts by 2028.
China’s renewable energy portfolio is expected to account for 46% of the global renewable energy share. In addition to its own investment needs, the Chinese government has exported wind and solar power equipment to more than 200 countries worldwide.
Last year, China’s solar energy technology exports reached $245.3 billion, while wind energy technology exports hit $33.4 billion.
