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Fitch said that China added 45.8 GW of solar energy in the first quarter of 2024, the highest level in the first quarter of any year, and the addition of wind energy production capacity reached 15.5 GW, which is 49 percent higher on an annual basis.
Fitch added that 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.
China expects the contribution of renewable energy to rise to 40 percent of the total energy generated in the country, exceeding the capacity resulting from burning coal in the second half of the year.
The agency explained in a report published on Friday that 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 forecasts for demand growth.
Fitch said that electricity grid 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 end-2023 levels.