Battery Storage Is The Leading Energy Investment In 2024
China to Dominate Electricity Capacity Growth Globally in Next Five Years
By Shubhendra Anand , 01 March, 2024
Globally, countries are improving their renewable sources of energy for the sake of clean energy transition. China is expected to see increasing development in the renewable energy sector for 2024. The country is increasing with electrification of vehicles; however, it is expected to grow in the field of renewable electricity in the upcoming years.
Based on the survey conducted for the renewable energy sector, shows that China’s renewable electricity capacity is expected to grow by triple in the next five years from 2024. The growth of China’s renewable energy capacity in the upcoming five years is expected to be more compared to previous five years output. Hence, China can be the next global leader in terms of renewable energy sources with its moving development in the same sector for 2024. China’s contribution towards the worldwide renewable capacity growth is due to its projection to represent for around 60 percent of new renewable capacity to be operational by 2028. The country also targets to achieve installation of wind and solar PV six years prior to the expected date, as per the trusted sources.
China is expected to provide 56 percent towards the global expansion of renewable energy in 2024 and will continue to maintain it for the upcoming years. since, the global expectation in clean energy transition is to be fulfilled by 2050, China’s take on renewable electricity growth in 2024 can be an added benefit. Based on the survey results, China is expected to lay four times more renewable capacity than the European union and five times more than the united states. China’s development in the field of renewable sources for 2024 has resulted from country’s ambitious goals of net zero emissions by 2050. At the same time the country is also planning to incorporate the Chinese manufactured equipment at low cost.
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Shubhendra Anand
Head Research
