Wind-power generators?at?a?village?in?central?China's?Hubei?province.?(PHOTO:?VCG)

Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW) in 2023, the fastest growth rate in the past two decades. This is the 22nd year in a row that renewable capacity additions set a new record.

While the increases in renewable capacity in Europe, the United States and Brazil hit all-time highs, China's acceleration was extraordinary. In 2023, China commissioned as much solar PV as the entire world did in 2022, while its wind additions also grew by 66% year-on-year. Globally, solar PV alone accounted for three-quarters of renewable capacity additions worldwide.

China accounts for almost 60% of new renewable capacity expected to become operational globally by 2028. Despite the phasing out of national subsidies in 2020 and 2021, deployment of onshore wind and solar PV in China is accelerating, driven by the technologies’ economic attractiveness as well as supportive policy environments providing long-term contracts.

China is expected to reach its national 2030 target for wind and solar PV installations this year, six years ahead of schedule. China’s role is critical in reaching the global goal of tripling renewables because the country is expected to install more than half of the new capacity required globally by 2030.

Over 2023-2028, China will deploy almost four times more renewable capacity than the European Union and five times more than the United States, which will remain the second- and third-largest growth markets. The Chinese government’s Net Zero by 2060 target, supported by incentives under the 14th Five-Year Plan (2021-2025) and the ample availability of locally manufactured equipment and low-cost financing, stimulate the country’s renewable power expansion over the forecast period.

—Renewables 2023, International Energy Agency, January, 2024