The International Energy Agency (IEA) reported that China was the major contributor to the biggest-ever expansion in the world’s new renewable power capacity in 2023, as reported by National Public Radio on January 14. According to a new report by the IEA, the world’s newly installed renewable energy capacity reached 510 gigawatts (GW) in 2023, rising by 50% from the growth of 342.1 GW in 2022. The IEA highlighted that this remarkable growth is primarily driven by a substantial expansion in China’s green power. Specifically, Wood Mackenzie reported that China installed around 230 GW of new renewables in 2023, a dramatic jump from the 140.6 GW added in 2022.

The IEA attributes China’s rapid green power expansion to the surging installations of solar power. Data from the National Energy Administration (NEA) suggested that China added more than 180 GW of solar generation capacity in 2023, more than doubling from the previous year. The growth owes to a nearly 50% decline in local solar module prices from January to December 2023, because China’s photovoltaic manufacturing capabilities have recovered from the supply chain disruptions during the pandemic. The IEA report also highlighted China’s exclusive advantages in renewables development, including more efficient approval and construction of transmission grids and renewable energy projects, and easier project financing due to policy priorities. Furthermore, the IEA projects that China is poised to contribute approximately 30% more to global renewable energy growth from 2023 to 2028 than the rest of the world combined.

Sources:

https://www.npr.org/2024/01/14/1224674031/renewable-energy-grew-at-record-pace-in-2023-thanks-to-a-push-from-china

https://www.chinadaily.com.cn/a/202401/13/WS65a1cd31a3105f21a507c0ed.html

https://www.bloomberg.com/news/articles/2024-01-11/china-s-solar-boom-fuels-record-growth-in-global-renewables

https://www.pv-tech.org/china-forecast-to-install-record-230gw-of-new-renewable-capacity-in-2023/