13 Mar 2024 | 04:05 UTC — Insight Blog
China makes clean energy the cornerstone of its long-term growth as trade falters
Energy transition highlights: Our editors and analysts bring you the biggest stories from the industry this week, from renewables to storage to carbon prices.
At China’s most important political meeting of the year its leaders reiterated the role of energy transition and clean energy technologies in driving long-term economic growth, at a time when trade and manufacturing activity is faltering.
The political messaging around energy transition at the "Two Sessions" gathering held in Beijing last week overshadowed other conventional issues such as national security, economic stimulus, social welfare, provincial real estate crisis and sectoral reforms.
China set a relatively modest GDP growth target of "around 5%" for 2024, slower than 5.2% for 2023, signaling slower growth for traditional energy and commodities markets. But leaders singled out new manufacturing industries including electric vehicles, battery manufacturing and solar photovoltaic products, and called for expanding EV charging infrastructure, power transmission for renewable penetration, new fuels and energy storage technologies.
There was a clear signal of regulatory push and investment in these industries that are now strategic to China’s economic and national security.
Solar PV: China added 216 GW of solar photovoltaic generation capacity in 2023, accounting for 58% of total global additions, official data showed. In 2024, the growth in solar PV generation capacity is expected to be on par with last year’s level, following the government’s call for accelerated energy transition.
FACTBOX: China shifts focus from conventional commodities amid energy transition push
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