![]() We forecast that China will reach this target four years early thanks to the availability of long-term contracts, improved grid integration, and the cost competitiveness of onshore wind and solar PV compared with coal generation in many provinces. ![]() ![]() China’s commitment to reach carbon neutrality before 2060 has led to new nearer-term targets, such as 1 200 GW of total wind and solar PV capacity by 2030. These four markets alone account for 80% of renewable capacity expansion worldwide.Ĭhina and the European Union are set to overshoot their current targets, setting the stage for a more ambitious growth trajectory. Overall, China remains the leader over the next five years, accounting for 43% of global renewable capacity growth, followed by Europe, the United States and India. This is equivalent to the current global power capacity of fossil fuels and nuclear combined. Globally, renewable electricity capacity is forecast to increase by over 60% between 20, reaching more than 4 800 GW. We have revised up our forecast from a year earlier, as stronger policy support and ambitious climate targets announced for COP26 outweigh the current record commodity prices that have increased the costs of building new wind and solar PV installations. ![]() The growth of renewable capacity is forecast to accelerate in the next five years, accounting for almost 95% of the increase in global power capacity through 2026. ![]()
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