China is poised to lead global electricity capacity growth over the next five years

China to Dominate Electricity Capacity Growth Globally in Next Five Years

Globally, nations are enhancing their renewable energy sources to facilitate a transition towards clean energy. China is anticipated to experience significant advancements in the renewable energy sector in 2024, particularly in the electrification of vehicles and renewable electricity. According to a survey conducted for the renewable energy sector, China's renewable electricity capacity is expected to triple over the next five years from 2024. This growth is projected to surpass the output of the previous five years. Consequently, China is positioned to emerge as a global leader in renewable energy sources by 2024.

China's contribution to global renewable capacity growth is projected to reach around 60.02 % of new renewable capacity operational by 2028. Additionally, the country aims to achieve wind and solar PV installation six years ahead of the expected schedule. China is expected to contribute 56.01 % to the global expansion of renewable energy in 2024 and is likely to maintain this contribution in the coming years. This growth aligns with the global expectation of achieving a clean energy transition by 2050, making China's progress in renewable electricity growth in 2024 particularly beneficial.

Based on survey results, China is expected to install four times more renewable capacity than the European Union and five times more than the United States in 2024. This development is driven by China's ambitious goals of achieving net zero emissions by 2050, along with plans to incorporate low-cost Chinese-manufactured equipment.