Global Energy Monitor’s Post

Impressive as this is for China 🇨🇳, there are still major concerns related to #carbon intensity. New #coal power #generation will continue as the cheap (CO2 price anyone?) baseload of choice. In China and everywhere in the world energy #efficiency, #innovation and #optimisation need to become the leading guidelines of energy #regulation and #policy to prompt the associated revenue streams & business models. #Carbonmarkets will play an important role here too, but more on this subject from me in the near future. Full report, by the #GlobalEnergyMonitor, on China's amazing feat, in the comments below 👇 China building two-thirds of world’s wind and solar projects https://lnkd.in/getdYW4r

#china on track reach 1,200GW of installed #wind and #solar capacity by end of 2024 – 6 years ahead of Beijing’s target - Almost two-thirds of global #wind and #solar projects under construction are in #china i.e. nearly twice as much as the rest of the world combined https://lnkd.in/gqbckfp2 #climatecrisis #renewableenergy

China is building two-thirds of new wind and solar globally, report says - https://lnkd.in/ddhCuwc3 An interesting article I wanted to share with you

In #China, the growth of #renewableenergy generation, not liquefied natural gas (#LNG) fired power, has eroded the share of #coal generation in the country’s power mix, finds IEEFA’s Sam Reynolds, Christopher Doleman, and Ghee Peh. The share of gas in the power mix has remained at 3% since 2015. In comparison, rising renewable generation has reduced coal’s share from 70% to 61% over the same period. Their report also highlights that: ▪️Over the past decade, the share of #solar and #wind in China’s power mix quadrupled while gas-fired electricity remained flat. Since 2015, solar and wind generation has increased by 1,250 terawatt-hours (TWh) compared to just 140TWh for natural gas. ▪️Solar and wind capacity surpassed 1,000 gigawatts (GW) in 2023. China is likely to reach 1,300GW by the end of 2024, achieving a 2030 goal six years ahead of schedule. ▪️The displacement of coal with renewables, not LNG, will enable China to achieve its nationally determined contributions to peak carbon dioxide emissions by 2030 and carbon neutrality before 2060. Read the IEEFA report: https://lnkd.in/grQRi97C #decarbonization #energytransition #climatefinance

‘Wind and solar now account for 37% of the total power capacity in the country – an 8% increase from 2022 – and are widely expected to surpass coal capacity, which is 39% of the total right now, in 2024’.

Ember’s report also points out that in 2023, Europe increasingly relied on wind and solar, as 24% of hours in 2023 saw less than a quarter of electricity coming from fossil fuels, a major step up from just 4% of hours in 2022.

63% of solar panels and 65% of wind turbines installed last year were installed in China, according to a new analysis. It is therefore too easy to just shout "But in China..." when discussing inaction on the climate agenda. In 2023, China installed 55% more solar capacity than the previous year (12% for the G7 and 5.9% for the rest of the world). For wind capacity, China’s additions rose by 21% in 2023 (4.5% for the G7 and 5.3% for the rest of the world). But all of this also needs to be seen in context: The country's primary energy source remains coal (around 60%) and its overall energy needs are huge. The needs are so huge that it also accounted for 95% of the world's new coal power construction activity in 2023. The paradoxes of our time: The country with the strongest growth in wind and solar has also the strongest growth in coal... === Full analysis by Ember: https://lnkd.in/gzE64NUG #climatechange, #renewables, #sustainability

China's breakneck build-out of #solar power, fuelled by rock-bottom equipment prices and policy support, is slowing as grid bottlenecks pile up, market reforms increase uncertainty for generators, and the best rooftop space runs short. Last year, China expanded its solar fleet by 55%. The momentum continued through the first two months of 2024, but in March new solar build fell 32% year-on-year to the lowest level in 16 months, official data and Reuters calculations show. https://lnkd.in/eyyKZgaY

China’s #solar and #wind #power curtailment rates may continue to rise in the near term, as the improvement in the power system’s ability to consume renewables may lag the pace of aggressive capacity additions. Read more: https://ow.ly/bePA50RFqS8 Visit our website for more insights: https://ow.ly/vhyL50RFqS9 #asiapacific #china #renewableenergy

Even more alarming is that the increase in coal power generation in the Philippines last year (+6.5 TWh, +9.7%) has even outpaced the rise in electricity demand (+5.2 TWh, +4.6%). Fortunately, wind and solar energy use increased by 0.9TWh (+31%). But that is not enough. So let’s invest in renewables together. Because wind and solar energy are the fastest and cheapest options available to power the country towards a sustainable future. And you can benefit from it financially, too. Find out more at impact: https://lnkd.in/ewmjTDpy Source: Ember - Indonesia and the Philippines coal dependency surges past China and Poland. This content should not be construed as investment advice or a personal recommendation. All investment involves risks. A loss of the capital invested may occur. Past performance, simulations, or forecasts are neither a guarantee nor a reliable indicator of future performance. #ImpactPlus #ImpactInvesting #RenewableEnergy #Philippines #InvestinRenewables #Solar #Sustainability #Energytransition #Powergeneration #Infrastructure #CleanEnergy #GreenInvesting