(Bloomberg) — China’s world-leading clean energy boom has hit another milestone: Wind and solar capacity surpassed President Xi Jinping’s target nearly six years ahead of schedule.
Most read by Bloomberg
The country added 25 gigawatts of turbines and panels in July, bringing the total capacity to 1,206 gigawatts, according to a statement from the National Energy Administration on Friday. Xi set a goal in December 2020 of generating at least 1,200 gigawatts from clean energy sources by 2030.
China spends far more on clean energy than the rest of the world and has repeatedly broken records for wind and solar installations in recent years. The rapid growth has caused coal-fired power generation to decline this summer and could mean the world’s biggest polluter has peaked emissions well ahead of its 2030 target.
Yet solar and wind energy have only generated about 14 percent of China’s electricity so far this year. More efforts are needed to increase this share and further displace fossil fuels. The country’s grid operators are investing heavily in power lines and energy storage to be able to handle all the fluctuating electricity generation.
Most read by Bloomberg Businessweek
©2024 Bloomberg L.P.
