According to the International Energy Agency, China's renewable energy capacity is expected to constitute nearly 60% of the global total installed capacity, from now to 2030. By 2030, China will have more than half of the world's renewable energy.
The pace of renewable energy project launches for the next six years is estimated to be three times faster than the past six years. The global increase in renewable energy installed capacity will surpass the 2030 targets set by various governments, which roughly equates to the total electricity generation capacity of China, the EU, India, and the US. By 2030, the growth of photovoltaic power generation is projected to account for 80% of the global increase in renewable energy.
Due to cost reductions and policy support, the growth of photovoltaic power generation is expected to accelerate. The report stated that India and the US's photovoltaic production capacity is predicted to double by 2030. However, the cost of producing solar panels in the US is three times that in China and twice that in India. At the 2024 Service Trade Fair, China International Economic Management Forum, the former Deputy Minister of Finance, Zhu Guangyao, said that under the guidance of the new development concept in the past ten years, the green economic development of China has reduced the cost of solar power generation by nearly 90%, offshore wind power generation cost by 73%, and battery prices by 80%.
The report by the International Renewable Energy Agency indicated that in the past ten years, the average levelized cost of wind and photovoltaic power generation projects has cumulatively decreased more than 60% and 80%, respectively, with much of the credit going to China's contribution.
Birol pointed out that renewable energy will play a transformative role in the future. He stated that the pace of renewable energy development has surpassed the targets set by various governments, not only to reduce emissions or increase energy security levels but also because renewable energy now provides the cheapest option for almost all countries to add new power plants.