China is at the forefront of the green energy revolution. According to the latest data from the National Energy Administration, by the end of June 2024, China's installed renewable power generation capacity reached 1.653 billion kilowatts, up 25% year-on-year, accounting for 53.8% of the country's total installed power generation capacity. Among them, the total installed capacity of wind and solar power reached 1.18 billion kilowatts, exceeding the 1.17 billion kilowatts of coal-fired power capacity for the first time. This historic leap marks a major shift in China's energy structure and provides a new impetus and direction for the global energy transition.
Wind power and photovoltaic: a twin engine for energy structure optimization
The rapid growth of wind and solar power generation has benefited from the strong policy and financial support of the Chinese government. In the first half of 2024, the new grid-connected capacity of wind power will be 25.84 million kilowatts, a year-on-year increase of 12%, and the cumulative grid-connected capacity will reach 467 million kilowatts, a year-on-year increase of 20%. The new grid-connected capacity of solar power generation was 102 million kilowatts, a year-on-year increase of 31%, and the cumulative installed capacity reached 713 million kilowatts, a year-on-year increase of 52%. These two significant increases reflect not only China's technological progress in the field of renewable energy, but also the strong demand for clean energy.
Growing power generation: The contribution of renewables is becoming more prominent
As installed capacity increases, the share of renewables in the country's electricity generation is steadily increasing. In the first half of 2024, the country's renewable energy generation capacity will reach 1.56 trillion kWh, an increase of 22% year-on-year, accounting for about 35.1% of total power generation. Among them, wind and solar power generation totaled 900.7 billion kWh, accounting for about 20% of the total power generation, a year-on-year increase of 23.5%. This power generation even exceeds the electricity consumption of the tertiary industry (852.5 billion kWh) and the domestic electricity consumption of urban and rural residents (675.7 billion kWh) in the same period, showing the important role of renewable energy in meeting the electricity demand of society.
Figure: According to the latest data from the National Energy Administration, China's wind and photovoltaic installed capacity exceeds that of coal power
Hydropower: the cornerstone of stable green energy
Hydropower, an important part of China's renewable energy, has an installed capacity of 427 million kilowatts, with 4.99 million kilowatts of new grid-connected capacity in the first half of 2024. The stable power generation characteristics of hydropower provide reliable green energy support for the power grid. In particular, hydropower plays an important role in peak regulation capacity, effectively alleviating the intermittency of wind and solar power generation.
Technological innovation and cost reduction: promote the rapid development of photovoltaics
The rapid growth of photovoltaic power generation is due to technological innovation and continuous decline in costs. With the improvement of photovoltaic conversion efficiency and the reduction of production costs, photovoltaic power generation has become one of the most competitive sources of electricity in China and even in the world. In the first half of 2024, the country's photovoltaic power generation capacity will be 391.4 billion kWh, a year-on-year increase of 47%, and the utilization rate of photovoltaic power generation will reach 97%, showing the efficiency and reliability of photovoltaic power generation.
Biomass energy: a supplement to a diversified energy structure
Biomass power generation is also developing steadily as part of a diversified energy mix. In the first half of 2024, the country's new installed capacity of biomass power generation will be 1.16 million kilowatts, with a cumulative installed capacity of 45.3 million kilowatts, and biomass power generation capacity will be 103 billion kilowatt hours, a year-on-year increase of 4.7%. The development and utilization of biomass energy not only helps to reduce the environmental pollution of agricultural waste, but also contributes to the diversification of the energy structure.
Policy support: the driving force of the energy transition
The Chinese government has given strong policy support to the development of renewable energy. From subsidy policies to tax incentives, from green credit to carbon trading market, the implementation of these policies provides a good market environment and financial support for the development of renewable energy. In particular, in the 14th Five-Year Plan, China clearly stated that it would accelerate the construction of a new power system with new energy as the main body, pointing out the direction for the future development of renewable energy.
International implications: The global implications of China's energy transition
As the world's largest energy consumer and producer, China's energy transition is not only of great significance to domestic economic development and environmental protection, but also has a profound impact on the global energy landscape and climate change. China's rapid development in the field of renewable energy has provided valuable experience and models for the world, which will help promote global energy transition and sustainable development.
Conclusion
China's installed wind and photovoltaic capacity surpasses that of coal power, which is an important milestone in China's energy transition and marks the beginning of a new era of green energy. With technological advancement, cost reduction and policy support, China's renewable energy is expected to continue to maintain a rapid development momentum, providing solid support for achieving the goals of carbon peak and carbon neutrality. At the same time, China's successful practice in the field of renewable energy will also provide important inspiration and impetus for the global energy transition and climate change response.
