China, the world’s largest emitter of greenhouse gases, noticeably reduced its approval of new coal power projects in the first half of 2024, as it accelerated the expansion of renewable energy, according to a study by Global Energy Monitor (GEM) and the Centre for Research on Energy and Clean Air (Crea).
The report reveals that China approved the construction of only 9 gigawatts (GW) of coal power generation in the initial six months of 2024 – a staggering 83% decrease compared to the same period in 2023. Simultaneously, China added a remarkable 134.5GW of renewable energy capacity, a year-on-year increase of 25%, with wind and solar energy making up 128GW of this total.
Such momentum in renewable energy installations positions China as a global leader, accounting for more than half of the new wind and solar projects worldwide in 2023. Notably, by the end of June 2024, China’s installed solar power capacity reached an impressive 714GW, which constitutes 23% of the nation’s total installed power generation capacity.
Impacts and Implications
Christine Shearer, a research analyst at GEM and co-author of the report, expressed optimism regarding this downtrend in coal power permits. “The steep drop in new coal plant permits is a hopeful sign that China’s massive solar and wind builds are dampening its coal ambitions,” she said.
Despite the reduction in new permits, China persisted with the construction of over 41GW of coal projects in the first half of 2024, representing more than 90% of new coal construction activities globally. This surge is largely attributed to the previous issuance of over 100GW of coal power permits in 2022 and 2023, driven by concerns over energy security and reliability, especially following significant droughts that hampered hydroelectric capacity in 2022.
Renewable Energy Outpaces Demand
Ms Qi Qin of Crea, the lead author of the report, highlighted a key development in the second quarter of 2024: renewable energy generation growth was sufficient to meet the increased electricity demand, leading to a 7% reduction in coal power generation from June 2023 to June 2024. According to Ms Qin, this milestone signals the potential for a significant phase-down of coal power.
The shift is supported by governmental pronouncements. Zhang Jianhua, head of China’s National Energy Administration, emphasized recently that as renewable energy solidifies its presence, traditional energy sources could be phased out in an orderly manner.
Long-Term Energy Goals
President Xi Jinping has pledged that China would hit its carbon emissions peak before 2030 and achieve carbon neutrality before 2060. The recent trends in energy policies and investments demonstrate a commitment to these goals, although significant challenges remain.
China’s energy landscape is undergoing a noteworthy transition, with significant increases in renewable energy capacity offsetting a drop in new coal power permits.
The coming years will be pivotal, as China balances its energy security with its commitments to reduce greenhouse gas emissions.
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