Today is Friday, February 9 2024.
Starting a year of the Wood Dragon in China.
Incredibly rare, the last Wood Dragon year was 60 years ago, in 1964. According to traditional belief these years bring a special kind of energy. Energy.
To celebrate the Chinese New Year 2024 that starts tomorrow, Saturday, February 10th, 2024 today we will post references to a series of recent energy transition related highlights from that country, sourced in 5 articles from ChinaDaily, two from December 2023 and three from January 2024.
The numbers indicated are really impressive. Let's see.
According to China's special envoy for climate change, during COP-28 in Dubai, "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". Source: China backs G20 goal to triple global renewable energy by 2030.
"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, according to data released by the National Energy Administration." Source: Renewable energy now exceeds 50% of installed 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 ... In 2022, fossil fuels accounted for around 61 percent of energy engagement in those regions and countries ...". Source: State energy firms turn to renewables abroad.
"Investments in new energy surged more than 34 percent year-on-year ... Completed investments in solar power generation exceeded 670 billion yuan last year, while wind power investments surpassed 380 billion yuan" said the spokesperson of the National Energy Administration during a news conference in Beijing last 25 January 2024. Besides that "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", according to the deputy head of the administration's international cooperation department. Source: Nation's energy investments in 2023 reach $391b.
"China's energy transition is one of the most important in the world, as China accounts for about 30 percent of global greenhouse gas emissions. 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 US (113 GW), and more than what the world installed in 2022 (192 GW)." The article also quotes $54 billion worth deals between Indonesia and Chinese partners, related to secured smart grid, storage and solar panel manufacturing, that could be the backbone of Indonesia's energy transition. Source: Renewable energy sector is shining.
