Environment & Energy

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China is rapidly taking global renewable capacity expansion to another level

Over 2024-2030, China is expected to install 3 207 GW of new renewable electricity capacity, more than tripling growth of 2017-2023. Since 2015, China’s share in global annual capacity additions has been increasing and is expected to reach almost 60% in 2030. At the end of the forecast period, the country is expected to have at least half of the world’s cumulative renewable electricity capacity, doubling its share of the last decade. 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.

The European Union remains the second-largest growth market after China, with annual additions continuing to increase through 2030 at a faster pace than before. Member countries recently submitted their draft national plans to achieve the new overall EU target. For renewable electricity, their ambitions are in line with the overall EU goal, but they lack ambition for other sectors, including transport, industry and buildings. Renewable energy auctions, corporate PPAs and incentives stimulating distributed solar PV will continue to spur capacity growth in the next six years, doubling the bloc’s previous achievements.

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