(Bloomberg) Yi Yuechun, vice dean of the China Renewable Energy Engineering Institute, says China is set to build a record 156 gigawatts of renewable energy this year.
The installations, which include wind turbines and solar panels, represent an increase of 25% from the record that was set last year.
The forecast includes 100 gigawatts of solar, 50 onshore wind, and 6 offshore wind. The projection is the most bullish among industry experts and associations.
Forecasts by the National Development and Reform Commission, China Electricity Council, and BloombergNEF put renewable installations for China at 140 gigawatts, 144 gigawatts, and 154 gigawatts, respectively.
The move is part of China’s plan to reduce its dependency on foreign fuel and also meet climate action goals.
China has already installed around 35 gigawatts of wind and solar in the first five months of 2022. The number is expected to rise towards the end of the year as local governments and developers rush to meet deadlines.
CSI 300 is up +1.17%.
