Wind farm and energy oil wharf in Zhuhai, Guangdong on July 4, 2024 | CFP Photo
China accounts for 60% of the new renewable capacity added worldwide in 2023, according to the World Energy Outlook 2024 released by the International Energy Agency (IEA) on Wednesday.
In the latest version of the IEA report, global renewable capacity additions totaled more than 560 gigawatts (GW) in 2023—a 60% increase from 2022. This is led by a boom in solar PV, particularly in China. According to forecasts by the IEA, global renewable capacity additions are set to exceed 670 GW in 2024.
As for Electric Vehicles (EVs), their sales during the first half of 2024 increased by around 25% compared to the same period last year. The rise was propelled largely by strong performance in China, which accounted for 60% of global sales.
Based on IEA analysis, EVs are expected to account for nearly half of all cars sold in China by the end of 2024.
The boom in EVs is largely attributed to more affordable prices as competition intensifies, especially in China. Around 60% of EVs sold in China today are cheaper than their average internal combustion engine equivalent, noted the report.
In addition, the report also underscored China’s growing investment in clean power. The country has doubled its spending on renewable power, nuclear power, grids, and batteries over the past five years.
The report finally concluded that China is on track to achieve its 2030 target of installing 1,200 GW of wind and solar by 2024.
Reporter: Clonde Zhang
Editor: Steven Yuen, Nina Huang, James
