2024-05-12 07:20:01
China has expanded the use of renewable energy in the country to the highest level in its history.
Fitch said, “China added 45.8 gigawatts of solar energy in the first quarter of 2024, which is the highest level in the first quarter of any year.”
According to the agency, “the addition of wind energy production capacity reached 15.5 gigawatts, which is 49 percent higher on an annual basis.”
Fitch added, “The contribution of wind and solar energy to the electricity mix rose to 37 percent by the first quarter of 2024, from less than 31 percent a year ago.”
The agency explained, “86 percent of China’s investments in electricity generation assets were spent on non-thermal energy sources – which do not include burning fossil fuels – in the first quarter, and energy consumption rose by 9.8 percent on an annual basis, which is higher than the agency’s expectations for demand growth.” “.
Fitch said: “Electricity network investments in China rose by 14.7 percent year-on-year in the first quarter, supported by a 30.4 percent growth in spending on high-voltage lines, and energy storage capacity rose by 6.7 percent from levels at the end of 2023.”
China expects the contribution of renewable energy to rise to 40 percent of the total energy generated in the country.
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2024-05-12 07:20:01