Witnessing China's Green Energy Revolution

China is breaking records in green energy development, outpacing the rest of the world with an astonishing 339 gigawatts of solar and wind energy currently under construction. This is nearly double the capacity being built by all other countries combined. With 180 gigawatts of solar parks and 159 gigawatts of wind farms actively under construction, China is setting a new global standard.

According to the latest figures from the Global Energy Monitor, the United States lags far behind with 40 gigawatts under construction, followed by Brazil (13 gigawatts), the UK (10 gigawatts), and Spain (9 gigawatts). Moreover, these figures only account for projects that are already under construction. An additional two-fold capacity is in the pipeline, awaiting commencement.

China's rapid green energy expansion is noteworthy. Last year, China nearly doubled its solar and wind energy capacity compared to any previous year. Wind and solar energy now account for 37% of the country’s total energy capacity, an increase of 8% from 2022. This year, renewable energy is expected to surpass coal, which currently holds 39% of the energy mix.

Between March 2023 and March 2024, China installed more solar energy than in the previous three years combined and more than the rest of the world in 2023 alone. Nearly half of this new capacity comes from residential rooftops. Additionally, the growth of wind energy has doubled over the past twelve months.

Should all proposed projects proceed as planned, China could achieve 1200 gigawatts of wind and solar energy by the end of this year, six years ahead of President Xi Jinping’s original promise.

Opinion

The Benelux Chamber of Commerce Shanghai recognizes China's remarkable strides in green energy as both impressive and essential for global environmental goals. However, this rapid development poses significant challenges and opportunities for foreign businesses operating in China. Companies must adapt to a rapidly evolving energy landscape, ensuring that their operations align with China's green energy targets.

For the Benelux business community, this transition offers a wealth of opportunities in the renewable energy sector. From technology transfer to joint ventures in clean energy projects, there are vast prospects for collaboration. Yet, it also necessitates a strategic approach to navigate regulatory changes and competitive pressures.

China’s green energy revolution is a testament to its commitment to sustainable development. The Benelux Chamber of Commerce Shanghai encourages its members to actively engage in this transformative journey, leveraging opportunities while contributing to a greener future.

Sources: dewereldmorgen.be, dw.com