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China's status being the leader in renewable energy is set to be fortified in the next five years, as the country will add more capacity than the rest of globe combined.
China will account for 56% of renewable energy capacity expansion in the 2023-28 period, said the International Energy Agency in its Renewables 2023 report released on January 11.
China is expected to add 2,060 GW renewable capacity in the forecast period, while the rest of the world will increase 1,547 GW, the report said.
EU and the U.S. followed with expected 429 GW and 337 GW, respectively.
India is forecast to add 203 GW of renewable capacity, while the 11 countries of the Association of SE Asians Nations are expected boost capacity by a combined 63 GW.
This shows that Asia is the dominant force in renewable energy deployment, largely because of supportive policies and the availability of capital and offtake agreements for the electricity produced.
The IEA analyzed how China is coming to be the leading force in renewable energy, with supportive policies driving a huge increase in the expected capacity additions from the previous report in December 2022.
"China accounts for almost 90% of the global upward forecast revision, consisting mainly of solar photovoltaic (PV). In fact, its solar PV manufacturing capabilities have almost doubled since last year, creating a global supply glut," the IEA said.
"This has reduced local module prices by nearly 50% from January to December 2023, increasing the economic attractiveness of both utility-scale and distributed solar PV projects," the report said.
The IEA said the lower costs are making utility-scale solar more attractive in China than coal- and gas-fired generation.
China is also expected to increase its gap over the rest of the world in deploying renewables, even as the United States and countries in Europe boost policy and financial support.
(Writing by Rebecca Liu Editing by Harry Huo)
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