Global renewable energy development momentum is strong

The International Energy Agency recently released the "renewable Energy Market Update" report believes that due to policy support, rising fossil fuel prices, solar and wind power generation projects are actively promoted, it is expected that the global installed capacity of renewable energy will increase by one-third this year, and the global renewable energy generation will continue to grow next year. Based on this trend, the world is expected to have enough solar photovoltaic manufacturing capacity by 2030.

Photovoltaic and wind power will achieve double growth

The first volume of the World Energy Transition Outlook 2023 released by the International Renewable Energy Agency shows that the installed global renewable energy capacity in 2022 has increased by a record 300 gigawatts. Fatih Birol, executive director of the International Energy Agency, said that the world is expected to add a record number of new renewable energy generation this year. Among them, solar and wind are leading the rapid growth of the global renewable energy economy.

The International Energy Agency predicts that $380 billion will be invested in solar energy this year, surpassing investment in oil for the first time. New PV capacity will account for two-thirds of new renewable energy capacity this year. It is expected that the manufacturing capacity of the photovoltaic industry will more than double to 1000 GW by 2024. In addition to the construction of large-scale photovoltaic power plants in many regions of the world, small photovoltaic power generation systems are also increasing rapidly. The report also predicts that global wind power generation will rebound sharply this year, growing by about 70% year on year, as wind power projects delayed during the coronavirus outbreak begin to advance one after another. Fatih Birol said that the cost of renewable energy generation such as solar and wind power is getting lower and lower, and more and more countries realize that the development of renewable energy is not only conducive to combating climate change, but also provides an important solution to solve energy security issues.

The International Energy Agency report predicts that the total global renewable energy capacity will continue to grow next year, reaching 4,500 gigawatts. Irena Director General Francesco La Camera stressed that the world must add an average of 1,000 gigawatts of new renewable energy capacity per year by 2030, and significantly increase the number of terminals directly using renewable energy to meet the ambitious climate targets.

Many countries continue to increase investment

Globally, the green and low-carbon transition continues to inject new momentum into world economic development. Countries pay more and more attention to and continue to increase investment in the field of renewable energy, and the growth momentum in related fields is obvious.

According to the Federal Network Agency, Germany's energy regulator, more than 2.6 GW of new PV capacity was installed in the first quarter of this year. As of the end of January this year, the cumulative installed photovoltaic capacity reached 68.2 GW. The German Federal Ministry of Economy and Climate Protection has developed a 2023 strategy for the development of the photovoltaic industry to ensure that the targets set by the Renewable Energy Act are met. The German government has proposed that it plans to increase the installed photovoltaic capacity to 215 GW by 2030.

Brazil has introduced a number of initiatives to encourage the development of renewable energy. Brazil's National Development Bank provides special low-interest loans for wind projects. The government also plans to install rooftop photovoltaics in schools, public health centers, and homes for low-income groups to facilitate access to low-cost renewable energy. According to data released by the Brazilian Chamber of Electricity Traders, the average monthly electricity generation in Brazil will increase to about 67,000 MWH in 2022. Among them, the proportion of renewable energy generation reached 92%, nearly 62,000 megawatt hours, a record high in the past decade.

Vietnam also regards the development of renewable energy as an important way of the country's green transformation. In 2021, the country approved a national strategy for green growth towards 2050. According to the strategy, during 2021-2025, Vietnam will increase the share of renewable energy in its total primary energy supply to 15-20%; By 2050, the share of renewable energy in total primary energy supply should be increased to 25-30%.

The South African government established the South African Presidency's Climate Council in 2020 to advise on issues such as the energy transition. The commission recently said that solar and wind will increase the share of South Africa's energy mix from 7% to 40% by 2030, which is the fastest route out of the electricity crisis and the most economical option to meet its climate commitments.

According to the "Africa Energy Outlook 2022" report released by the International Energy Agency, Africa has 60% of the world's solar energy resources, and renewable energy such as wind, geothermal and hydropower is also very rich. The United Nations Economic Commission for Africa believes that electricity supply is an urgent challenge in Africa, and the development of renewable energy can be used to partially meet the continent's rapidly growing electricity demand.

China is actively contributing to the global energy transition

In the report, the International Energy Agency pointed out that China is a global leader in the field of renewable energy, and it is expected that China will account for 55% of the new global renewable energy installed capacity this year and next. With advantages in technology and equipment, Chinese enterprises have actively carried out international cooperation to promote the development of global renewable energy. "China plays a key role in the global energy transition and promoting sustainable development, and China's participation and support are needed to achieve the goals of the Paris Agreement and combat climate change," said Francesco La Camela.

In recent years, more and more Chinese companies have invested in the renewable energy sector in Kazakhstan. According to the data of China Power Kazakhstan Energy Investment Co., LTD., by the end of 2022, the total installed capacity of renewable energy projects built by Chinese enterprises in Kazakhstan has exceeded 1,000 megawatts. At the end of 2022, 30 150 MW generating units of the first phase of the wind power project in Akmola Prefecture in northern Kazakhstan invested by Chinese enterprises were successfully connected to the grid, and the second phase of 55 MW is expected to be connected to the grid in September this year. After the full capacity is connected to the grid, it can provide about 600 million KWH of clean electricity to the local area every year.

In Jujuy province, northwest Argentina, one of the world's highest large-scale photovoltaic projects, the Gauchari Photovoltaic power generation project, was officially put into commercial operation in September 2020. While meeting the electricity needs of about 100,000 households, the project will also reduce carbon dioxide emissions by 325,000 tons per year. Roberto Salvareza, former minister of Science and Technology of Argentina, said that China has driven the construction of local infrastructure through investment and technology exchanges to help Latin American countries accelerate their energy transformation.

China attaches great importance to strengthening cooperation with Africa in the field of renewable energy. To date, the two sides have implemented hundreds of renewable energy and green development projects within the framework of the Forum on China-Africa Cooperation. The first unit of the Zonglu Hydropower Station in Nigeria, built by Chinese enterprises, was officially connected to the grid in March 2022. The power station is designed to generate 2.64 billion KWH of electricity per year, and when fully completed, it can meet twice the electricity demand of Abuja, the capital of Nigeria.

Lorad Abira, head of the Nigerian Energy Transition Office of the United Nations "Sustainable Energy for All" organization, said that although Africa has unique advantages in the development of renewable energy, it faces practical difficulties such as backward infrastructure and shortage of technical personnel. China has many successful experiences in developing hydropower, photovoltaic, wind power and energy storage. The two sides will strengthen cooperation in personnel training, technical cooperation, investment and financing, which will help Africa improve the level of renewable energy industry construction.

International rating agency Standard & Poor's Global Commodity Insight website published an article pointed out that China has become the world's leading exporter of photovoltaic and wind power equipment. China actively carries out bilateral and multilateral cooperation and exchanges technology and personnel with its partners, which is conducive to promoting the development of global renewable energy.