Green Energy to Make Up Nearly 70% of China's Power Capacity by 2030, Industry Group Says
Zhu Yanran
DATE:  Jul 12 2024
/ SOURCE:  Yicai
Green Energy to Make Up Nearly 70% of China's Power Capacity by 2030, Industry Group Says Green Energy to Make Up Nearly 70% of China's Power Capacity by 2030, Industry Group Says

(Yicai) July 12 -- China's installed capacity of renewable energy should get close to 70 percent of the total by 2030 while such consumption should exceed 25 percent as the nation is making progress in electrification, according to an industry association.

The country is moving away from internal combustion engines and gas boilers, as by 2030, the share of electricity in final energy consumption is expected to reach 35 percent of all types of energy sources, including oil and gas, and the total consumption will be over 13 trillion kilowatt-hours, the China Electricity Council wrote in its 19th annual report on energy development. 

Last year, the nation consumed 9.2 trillion kWh of electricity, up 7 percent from the year before, rising from 3.6 percent in 2022, and exceeding the 5.2 percent increase in gross domestic product. Such growth sped up quarter by quarter through the year.

China increased its capacity to produce energy in 2023 as the installed capacity reached 2.9 terawatts, up 14 percent from the year before, surging by 6 percentage points from 2022. Renewables became increasingly key as such capacity jumped 24 percent year-over-year to account for more than half of the total for the first time, notching nearly 54 percent.

High-tech and equipment manufacturers increased their electricity consumption by 11 percent last year. More specifically, makers of photovoltaic equipment boosted their figure by 76 percent, EV firms added 39 percent, and EV charging and battery swap stations spent 78 percent more.

The trend continues this year. From January to May, the nation consumed 3.84 trillion kWh of electricity, up nearly 9 percent from a year ago, higher than the growth rate of 5.3 percent in 2023. 

This year is expected to be characterized by a generally tight balance in the national power supply and demand due to factors such as rising electricity consumption and power plant commissioning, per the report.

Editor: Emmi Laine

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Keywords:   China Electricity Council,renewables,electricity,consumption,fossil fuels,energy,China,2030,2024