IEA Foresees China’s Clean-Energy Boom Accountin
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Posted On: 10/17/2024 3:43:31 AM
IEA Foresees China’s Clean-Energy Boom Accounting for 60% of Upcoming Projects
The International Energy Agency (IEA) predicts that China’s green-energy boom will account for a whopping 60% of the world’s upcoming renewable-energy projects for the next six years. China has all but monopolized the global photovoltaic solar supply chain and is poised to lead the worldwide rollout of green energy via its vast solar capacity, the IEA says.
Between now and 2030, the second-largest economy on the globe will make up more than one-half of all installed green-energy capacity, the IEA’s green energy report says. The paper found that the rollout of green energy projects will triple over the next six years compared to the previous six years, with Chinese and Indian renewable-energy projects leading the rollout.
The influential IEA report also found that global green-energy capacity is poised to surpass end-of-the-decade goals set by national governments to equal the combined power systems of the United States, the European Union, India and China. According to IEA executive director Faith Birol, Chinese solar energy will be the primary driver of this trend.
The east Asian nation already plays a dominant role in the global solar value chain and has made considerable investments in increasing its green-energy production capacity and installing more infrastructure. As a result, the IEA expects China to be producing more than one-half of the world’s green-energy capacity as the decade draws to a close.
China’s adoption of solar energy is thought to have lowered its reliance on coal-fired energy after the country approved 100 GW worth of new coal-plant permits between 2022 to 2023. In comparison, the Global Energy Monitor reports that China has approved only 22 new coal power plants (9.1GW) in the first six months of 2024.
Furthermore, the IEA notes that the increase in China’s solar capacity over the next six years will account for a whopping 80% of all the new green energy added worldwide by 2030. The IEA expects green infrastructure rollout to speed up over the next several years as the costs involved decline and governments pass policies that allow businesses and homes to cut their energy expenses by investing in solar.
Although solar energy will take center stage in the world’s transition to renewables, wind energy is also drawing plenty of interest. With interest rates as well as supply-chain costs falling in recent months, typically cost-intensive wind farms are attracting more investment. Alternative energy sources including hydro and geothermal energy will make up the remainder of the world’s growing renewable-energy capacity.
As green energies claim a bigger share of the energy mix in different countries, battery electric vehicles from automakers such as Mullen Automotive Inc. (NASDAQ: MULN) could deliver even greater climate benefits if they are charged using energy obtained from renewable sources.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
The International Energy Agency (IEA) predicts that China’s green-energy boom will account for a whopping 60% of the world’s upcoming renewable-energy projects for the next six years. China has all but monopolized the global photovoltaic solar supply chain and is poised to lead the worldwide rollout of green energy via its vast solar capacity, the IEA says.
Between now and 2030, the second-largest economy on the globe will make up more than one-half of all installed green-energy capacity, the IEA’s green energy report says. The paper found that the rollout of green energy projects will triple over the next six years compared to the previous six years, with Chinese and Indian renewable-energy projects leading the rollout.
The influential IEA report also found that global green-energy capacity is poised to surpass end-of-the-decade goals set by national governments to equal the combined power systems of the United States, the European Union, India and China. According to IEA executive director Faith Birol, Chinese solar energy will be the primary driver of this trend.
The east Asian nation already plays a dominant role in the global solar value chain and has made considerable investments in increasing its green-energy production capacity and installing more infrastructure. As a result, the IEA expects China to be producing more than one-half of the world’s green-energy capacity as the decade draws to a close.
China’s adoption of solar energy is thought to have lowered its reliance on coal-fired energy after the country approved 100 GW worth of new coal-plant permits between 2022 to 2023. In comparison, the Global Energy Monitor reports that China has approved only 22 new coal power plants (9.1GW) in the first six months of 2024.
Furthermore, the IEA notes that the increase in China’s solar capacity over the next six years will account for a whopping 80% of all the new green energy added worldwide by 2030. The IEA expects green infrastructure rollout to speed up over the next several years as the costs involved decline and governments pass policies that allow businesses and homes to cut their energy expenses by investing in solar.
Although solar energy will take center stage in the world’s transition to renewables, wind energy is also drawing plenty of interest. With interest rates as well as supply-chain costs falling in recent months, typically cost-intensive wind farms are attracting more investment. Alternative energy sources including hydro and geothermal energy will make up the remainder of the world’s growing renewable-energy capacity.
As green energies claim a bigger share of the energy mix in different countries, battery electric vehicles from automakers such as Mullen Automotive Inc. (NASDAQ: MULN) could deliver even greater climate benefits if they are charged using energy obtained from renewable sources.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
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