Source: Rystad Energy
China’s renewable energy growth will see a “steep upward trajectory” as it is projected to reach close to 6,000 gigawatts of installed solar and wind capacity by 2050, Rystad Energy reported.
Electricity consumption in China is forecast to amount to 7,400 terawatt-hours (TWh) this year. The market sources its power from coal-fired power plants (58%), hydro (15%), and wind (12%).
“China is ahead of the game; coal use in the power sector is set to peak in two years’ time and new renewable power is coming online faster than any other country,” Carlos Torrez Diaz, head of power at Rystad Energy, said.
“Economics favoring renewables and domestic solar manufacturing capacity means that China’s power sector could rapidly decarbonize by 2050. China has all the pieces needed to scale renewables rapidly and the extent of its success will have a global impact on global greenhouse gas emissions. ”
Electricity demand in the market is expected to reach 13,600TWh by 2050, largely driven by the transport sector.
Other sectors, such as industrial and residential, are also expected to grow at a faster pace as fossil fuels are gradually replaced by electricity as a primary source of energy. In total, over 6,200 TWh of new electricity supply will be needed to meet future demand.
