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Strong Momentum Of Global Renewable Energy Development


According to the International Energy Agency's recently released "Renewable Energy Market Update" report, due to policy support, rising fossil fuel prices, and the positive promotion of solar and wind power generation projects, it is expected that the global installed capacity of renewable energy will increase by 1/3 this year, and global renewable energy generation will continue to grow next year. Based on this trend, it is expected that the world will have sufficient solar PV manufacturing capacity by 2030.

Photovoltaic power generation and wind power will achieve double growth 

According to statistics from the first volume of the World Energy Transition Outlook 2023 released by the International Renewable Energy Agency, the global installed capacity of renewable energy increased by a record 300 GW in 2022. Fatih Birol, executive director of the International Energy Agency, said new global renewable energy generation is expected to reach a record high this year. Among them, solar and wind energy are leading the rapid growth of the global renewable energy economy.

The IEA report predicts that $380 billion of global investment will flow to solar this year, surpassing investment in oil for the first time. The new installed capacity of photovoltaics will account for 2/3 of the new installed capacity of renewable energy this year. It is expected that by 2024, the manufacturing capacity of the photovoltaic industry will more than double to 1,000 GW. In addition to large-scale photovoltaic power plants being built in many regions around the world, small-scale photovoltaic power generation systems are also increasing rapidly. The report also predicts that global wind power generation will rebound sharply this year, up about 70% year-on-year, as wind power projects that were delayed during the new crown epidemic begin to advance. Fatih Birol said that renewable energy sources such as solar and wind power are becoming cheaper and cheaper, and more and more countries are realizing that the development of renewable energy is not only conducive to climate change, but also provides important solutions to solve energy security problems.

The IEA report predicts that the total global renewable energy capacity will continue to grow next year, reaching 4,500 GW. Francisco Lacamela, Director-General of the International Renewable Energy Agency, stressed that by 2030, the world must add an average of 1,000 GW of renewable energy capacity per year and significantly increase the terminals for direct use of renewable energy to meet ambitious climate goals.

Many countries continue to increase investment 

From a global perspective, green and low-carbon transformation continues to inject new momentum into the world economic development. Countries are paying more and more attention to and continue to increase investment in renewable energy, and the growth momentum of related fields is obvious.

According to data from Germany's energy regulator Federal Network Agency, more than 2.6 GW of new PV capacity was added in Germany in the first quarter of this year. As of the end of January this year, the cumulative installed capacity of photovoltaics reached 68.2 GW. The German Federal Ministry for Economic Affairs and Climate Protection has developed a PV industry development strategy for 2023 to ensure that the targets set by the Renewable Energy Sources Act are met. The German government has proposed plans to increase the installed capacity of photovoltaics to 215 GW by 2030.

Brazil has introduced several initiatives to encourage the development of renewable energy. The National Development Bank of Brazil provides special low-interest loans for wind power projects. The government also plans to install rooftop photovoltaic power generation equipment for schools, public health centers, and homes in low-income groups to facilitate access to low-cost renewable energy. According to data released by the Brazilian Electricity Exchange, Brazil's average monthly power generation increased to about 67,000 MWh in 2022. Among them, renewable energy accounted for 92% of power generation, close to 62,000 MWh, the highest in nearly 10 years.

Vietnam has also developed renewable energy as an important way for the country's green transformation. In 2021, the country approved a national strategy for green growth towards 2050. According to the strategy, between 2021 and 2025, Vietnam will increase the proportion of renewable energy in total primary energy supply to 15%-20%; By 2050, increase the share of renewable energy in total primary energy supply to 25%-30%.

The South African government established the South African President's Climate Commission in 2020 to advise on issues such as the energy transition. The commission said recently that the share of solar and wind energy in South Africa's energy mix will increase from 7% to 40% by 2030, which is the fastest way out of the power crisis and the most economical option to meet its climate commitments.

According to the "Africa Energy Outlook 2022" report released by the International Energy Agency, Africa has 60% of the world's solar energy resources, and renewable energy such as wind, geothermal, and hydropower is also very rich. According to the United Nations Economic Commission for Africa, access to electricity is an urgent challenge for Africa, and the development of renewable energy can be used to partially meet the continent's rapidly growing electricity demand.

China is actively contributing to the global energy transition 

The International Energy Agency pointed out in the report that China is a global leader in renewable energy, and it is expected that China will account for 55% of the world's new renewable energy capacity this year and next. With advantages in technology and equipment, Chinese enterprises actively carry out international cooperation to promote the development of global renewable energy. Francisco Lacamela said: "China plays a key role in the global energy transition and promoting sustainable development, and achieving the goals of the Paris Agreement and addressing climate change requires China's participation and support. ”

In recent years, more and more Chinese companies have invested in the renewable energy sector in Kazakhstan. According to data from China Power Kazakhstan Energy Investment Co., Ltd., by the end of 2022, the total installed capacity of renewable energy projects built by Chinese enterprises in Kazakhstan has exceeded 1,000 MW. At the end of 2022, the first phase of the Akmola Oblast wind power project in northern Kazakhstan, invested and constructed by Chinese enterprises, successfully connected 30 sets of 150 MW generator sets to the grid, and the second phase of 55 MW is expected to be connected to the grid in September this year. After the full capacity is connected to the grid, it can provide about 600 million kilowatt-hours of clean electricity to the local area every year.

In the province of Jujuy in northwestern Argentina, one of the world's highest large-scale photovoltaic projects, the Gauchari photovoltaic power generation project, was officially put into commercial operation in September 2020. The project will meet the electricity needs of about 100,000 households while reducing CO2 emissions by 325,000 tons per year. Roberto Salvarezza, former Minister of Science and Technology of Argentina, said that China has promoted local infrastructure construction through investment and technology exchanges to help Latin American countries accelerate their energy transition.

China attaches great importance to strengthening cooperation with Africa in the field of renewable energy. So far, the two sides have implemented hundreds of renewable energy and green development projects within the framework of the Forum on China-Africa Cooperation. The first unit of the Zonglu Hydropower Station in Nigeria, built by a Chinese enterprise, was officially connected to the grid in March 2022. The power station is designed to generate 2.64 billion kilowatt-hours of electricity per year, which can meet twice the electricity demand of Abuja, the capital of Nigeria, when fully completed.

Lorad Abra, head of the Nigerian Energy Transition Office of Sustainable Energy for All, said that although Africa has the unique advantage of developing renewable energy, it faces practical difficulties such as backward infrastructure and shortage of skilled personnel. China has many successful experiences in the development of hydropower, photovoltaic, wind power, energy storage and other aspects. The two sides will increase cooperation in personnel training, technical cooperation, investment and financing, which will help Africa improve the level of renewable energy industry construction.

The global commodity insights website of international rating agency Standard & Poor's pointed out that China has become the world's major exporter of photovoltaic and wind power equipment. China actively carries out bilateral and multilateral cooperation and exchanges of technology and talents with partners, which is conducive to promoting the development of global renewable energy.

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