Tuesday, May 14 2024.
Today another outlook about China, about energy transition and based on a report part of DNV’s Energy Transition Outlook series.
We quote:
China is responsible for 33% of the world’s energy-related CO2 emissions today, but this will reduce to 22% by 2050, a reduction in annual emissions of 8 GtCO2 (three times the size of Europe’s decarbonization over the same period)
China’s power mix shifts from 30% renewable today to 88% by 2050
Solar makes up 5% of power generation in China today – this will rise to 38% by 2050
Oil consumption only halves by 2050 from its 2027 peak, while natural gas peaks in the 2030s before returning to today’s levels by mid-century
The impact of China on the global energy transition cannot be underestimated. China will further extend its position as the world’s green energy leader with unrivalled build-out and export of renewable technology
When the new year of the Wood Dragon started in China weeks ago, we posted a selection of quotes sourced at ChinaDaily, with really impressive actions and numbers:
"China has made significant contributions to energy transition and renewable energy development ... Thanks to the contributions, the cost for wind power generation around the world has decreased by 80 percent, and the cost of photovoltaic solar energy has declined roughly 90 percent ... This has laid a good foundation for large-scale deployment of renewable energy in the world".
“China's installed capacity of renewable energy has exceeded 1.45 billion kilowatts this year <2023>, accounting for more than 50 percent of the country's total installed power generation capacity”.
“As much as 56 percent of China's $8.61 billion in construction and investment in the energy sector in other countries and regions participating in the BRI <Belt and Road Initiative> during the first half of last year <2023> went into renewable energy such as solar, wind and hydropower projects ...".
“So far, Chinese wind and solar products worth over $33.4 billion and $245.3 billion, respectively, have been exported to more than 200 countries and regions".
“China's energy transition is one of the most important in the world… Solar power has emerged as the most important renewable energy source. So for global climate action, one of the most important trends to watch is the installation of solar power in China, and the manufacturing rate of new solar panels. China is estimated to have installed about 230 gigawatts of solar power in 2023, with its solar panel manufacturing capacity likely to have exceeded 600 GW, both far exceeding all expectations. For reference, 230 GW is more than twice the cumulative solar power ever installed in the United States (113 GW), and more than what the world installed in 2022 (192 GW)."
Click at the image below to explore many more findings in the 63 pages of DNV’s China Energy Transition Outlook.
Det Norske Veritas (DNV) is an international accredited registrar and classification society headquartered in Høvik, Norway. The company has about 15,000 employees and 350 offices operating in more than 100 countries and provides services for several industries, including maritime, oil and gas, renewable energy, electrification, and healthcare.
