China breaks solar records in 2023, surpasses 50% of global additions
![China breaks solar records in 2023, surpasses 50% of global additions](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/solar-panel.jpg)
In 2023, China exceeded the total solar panel installations of any other nation, contributing to its already substantial lead in the global renewable energy landscape.
According to the National Energy Administration, the country added a record-breaking 216.9 gigawatts of solar power last year, surpassing its previous record of 87.4 gigawatts in 2022.
This win sweeps the entire solar fleet of the United States, the world’s second-largest solar market, which stands at 175.2 gigawatts, as estimated by BloombergNEF. The disparity is even more significant when considering that the NEA measures capacity in alternating current, while BNEF tracks direct current.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/Screenshot-2024-01-29-at-8.52.37-AM-1024x631.png)
BNEF estimates suggest that China contributed to 58% of worldwide solar installations and 60% of global wind installations last year.
China is projected to continue its progress in renewable energy. BNEF predicts that solar installations will likely increase by around 7% this year, and new wind capacity is expected to grow by 11%.
The rapid growth of renewable energy poses challenges for China’s grid space, which is struggling to keep up. Certain areas lack the necessary infrastructure to handle additional solar power, leading to the enforcement of stricter regulations on new projects.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/30341f8d-32ff-4c5a-ad4e-dcdb01497bd9-150x150.jpg)
EIB Global supports €271 million Egyptian climate and...
-
During the EU-Egypt Investment Conferenc...
- 02/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
Iberdrola, a Spanish renewables company, announced that it has acquired the “80% it did not control of Balantia”. Iberdrola had initially entered the firm’s capital […]
Japan’s largest steelmaker, Nippon Steel and trading house, Sumitomo Corp, announced that they have renewed a long-term contract with Norway’s Equinor to supply seamless steel pipes […]
Cepsa announced that it has entered a strategic partnership with PreZero Spain to advance objectives related to decarbonization. According to the agreement, PreZero Spain will […]
In a new critique of the voluntary carbon market, over 80 non-governmental organizations have urged corporations to exclude carbon offsets from their transition plans, arguing […]
Luxcara, an independent German asset manager for clean energy infrastructure projects, announced that it has signed a “preferred turbine supplier”. The asset manager has signed […]
Genex Power announced that it has secured a five-year $107 million senior debt facility for its 50MW Kidston and Jemalong solar projects in Australia. The […]