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This July, China reached its 1,200GW of installed wind and solar capacity by 2030 target, 6 years ahead of time. As of the end of July CY2024, China has a total installed wind and solar capacity of 1,207GW. This early success could inspire other major powers to accelerate their renewable energy efforts, benefiting global climate goals. However, China must continue to focus on areas like energy efficiency and steel sector decarbonization, as well as address challenges such as grid connectivity and energy storage to sustain its progress. As China’s electricity demand grows, particularly with the ongoing electrification strategy, the need for increased power generation and grid modernization becomes more pressing. To meet its carbon targets, CEF estimates that China will need to add approximately 330GW of solar, 80GW of wind, and 4GW of nuclear capacity annually until 2040. Read more

Tim Buckley presents to UTS ISETS Read more

During the first 6 months of CY2024, China installed a total of 152.8GW of new capacity additions, a 14% y-o-y increase. 134.5GW or 88% were zero emissions capacity, a 25% y-o-y increase. Although China’s thermal new additions during the first 6 months of CY2024 show a decline, CEF believes for China to reach its ‘dual carbon’ targets – peaking carbon emissions by 2030 and achieving carbon neutrality by 2060 – it needs to cease new thermal expansion as early as possible, even noting its orientation to new low utilisation, flexible coal plants. Read more

Tim Buckley presents at the SEC’s Renewables, Storage and Generation summit  Read more

Tim Buckley, Matt Pollard and Xuyang Dong present to TIQ Read more

China will achieve its 1,200GW wind and solar installed capacity by 2030 target by end July 2024, six years ahead of schedule. 103.5GW of zero-emissions capacity was added during the first 5 months of CY2024, as thermal power additions declined by 45% y-o-y as the end of May CY2024 notwithstanding a still exceptionally strong +6.9% y-o-y YTD2024 increase in electricity demand. Read more

Australia and China’s improving diplomatic relationship, highlighted by recent high-level meetings and record trade, presents significant opportunities for green energy collaboration. With China facing overcapacity in solar panels, batteries, and electric vehicles, Australia stands to benefit from redirected Chinese investments. By leveraging its abundant renewable resources and enhancing critical mineral processing, Australia can become a more appealing supplier, particularly in the wake of global trade tensions. Read more

10 years ago, President Xi Jinping delivered a speech outlining that developing a New Energy Vehicle (NEV) industry was the only way for China to become a global automobile manufacturing powerhouse. This speech marked the pivotal moment of China’s trajectory in developing its new energy industry. Fast forward a decade, through strategic industry and energy policy, and a core focus on research and development (R&D), China has become the largest NEV manufacturer in the world, and in 2023, overtook Japan as the world’s largest auto exporter. Read more

Tim Buckley and Xuyang Dong present to Bank of America Read more

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During the first 4 months of CY2024, China added 79.7GW of zero-emissions new capacity, accounting for 90% of the net capacity additions. China added 76.9GW of wind and solar capacity from January to April, if this pace sustains or accelerates in the rest of the year, China will achieve its 1,200GW of installed wind and solar capacity by 2030 target this year, 6 years ahead of time. In March, China saw its CO2 emissions fall for the first time in the past 14 months. China’s thermal power generation increased 5.9% y-o-y during the first 4 months of CY2024, despite the massive expansion in renewable energy deployment. Biden’s 100% tariff on Chinese EVs might not be as effective as Chinese EV makers remain price-competitive even after the add-on tariffs, but Chinese EV leaders will renew their focus on other key markets like Brazil and Indonesia. The US’s 50% tariff on solar products hurts American consumers and slows down its national renewable energy development. Read more

During the first quarter of 2024 (1QCY2024), China added 69.4GW of new electricity capacity to the grid, with 91% of it being renewable energy. China is projected to exceed its 2030 target for installed solar and wind capacity six years early. The electricity generation mix shows a rising contribution from zero-emissions sources, with wind power surpassing hydropower for the first time. In the EV market, China remains the world’s largest, with nearly 1.9 million electric cars sold in 1QCY2024. Additionally, China’s solar manufacturing industry faces challenges due to overcapacity, although major players like Jinko Solar remain financially strong even as gross margins contract as solar module prices are now down 50% y-o-y. Read more