Renewables installations surge to record heights
2024 will be another record year for China's renewable energy sector.
On Monday, the energy regulator (NEA) published national energy installation statistics covering January and February.
Some context: Rapid growth in solar and wind capacity in 2023 far exceeded the most optimistic projections.
The latest stats show that growth is only accelerating.
- Throughout the first two months of the year, China installed a staggering 36.7 GW of new solar capacity, up 80% y/y and higher than the US’s annual installation record of 32.4 GW.
- Wind capacity grew by 9.9 GW, a 70% increase over the previous record set last year.
These figures are especially remarkable when considering that January and February are typically the slowest months for installation growth.
- In 2023, they together accounted for just 9.4% and 7.7% of annual solar and wind installations, respectively.
- If this trend continues, 2024 could see 390 GW and 129 GW of new solar and wind capacity added to the grid, numbers so high they border on the surreal.
Get smart: The sheer scale of capacity growth since 2023 suggests renewables will erode coal's share of the electricity mix much faster than previously anticipated.
- But the long-term sustainability of this growth will depend on Beijing's ability to complete promised grid upgrades with equal speed.
Get smarter: Soaring installation rates also boost demand for cleantech equipment – helping offset some of the worst effects of significant manufacturing overcapacity.