Renewable power capacity (excluding hydropower) in China is expected to increase from 572.89 GW in 2020 to 1,772.05 GW in 2030, growing at a compound annual growth rate (CAGR) of 12 percent.
The cumulative solar PV capacity in China is expected to grow from 253.69 GW in 2020 to 890.31 GW in 2030.
The cumulative onshore wind capacity in China is set to increase from 279.04 GW in 2020 to 742.62 GW in 2030, according to GlobalData.
This growth in China is supported by the 14th Five-Year Plan (2021-2025) rolled out by the government. In 2020, the total capacity of solar PV and wind power stood at 542.71 GW and the government plans to increase this to over 1,200 GW by 2030.
China plans to reduce coal-based power generation to meet its carbon emission reduction targets under the Paris Climate Agreement.
“In December 2020, China set an ambitious target to increase the cumulative installed capacity of solar and wind power to over 1,200 GW by 2030. The country is expected to comfortably meet this target as the cumulative solar and wind power capacity in the country is projected to reach around 1,690 GW by 2030,” Rohit Ravetkar, Power Analyst at GlobalData, said.
As of June 2021, around 18 solar PV plants are under construction in China, having a total capacity of around 3 GW. In addition, around 282 solar PV plants with a total capacity of around 34.3 GW are in various stages of receiving governmental permits.
The country is also witnessing rapid growth of wind power, with around 175 plants in permitting stage with total capacity of around 42.9 GW and around 113 plants under construction with a total capacity of around 29.4 GW.