China Leads Global Renewable Energy Growth with 350 GW New Capacity, Ramps Up Grid Infrastructure

Jun 5, 2024, 11:52 PM

China accounted for 63% of worldwide newly installed renewable energy last year, with the majority being solar and wind, and some hydropower. China installed almost 350 GW of new renewable capacity in 2023, more than half the global total. This achievement means China built nearly twice as much renewable energy capacity as the rest of the world combined, and four times more than the G7 countries. To support this growth, China is ramping up investments in grid infrastructure, with solar farms sometimes forced to unplug due to excess generation. This record-setting boom has put the electricity network under unprecedented strain. Additionally, battery capacity in China could double this year, according to Jefferies. Beijing has also set up an $828 million fund for solid-state batteries and is on track to hit its wind and solar goals six years in advance.