There’s Gold In China Going Green

China’s Carbon Neutral Opportunity: Economic Growth Driven By Ambitious Climate Action

Silvio Marcacci, March 8, 2021 (Energy Innovation via Forbes)

“…[Solar generation over the next two decades will be more than seven times what it was from 2000 to 2019 and output from wind turbines will increase by a factor of nearly three, . China is leading and] new research shows the growing economic advantages of stronger climate policies could be a principal reason China chooses to increase its climate ambition. As clean energy becomes ever cheaper, the world’s top greenhouse gas emitter can export the very technologies it develops to decarbonize at home, driving innovation and improving the competitiveness of domestic companies in international clean energy markets…[F]aster power sector decarbonization could increase China’s economic growth up to 15% by 2030…

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The average cost of electricity from a new solar farm in China has fallen 82% over the last decade, while wind power prices have dropped by a third, making both cheaper than new coal power plants…China could achieve 62% clean energy by 2030 while cutting power costs 11%...[It] could peak power sector emissions as early as 2024, then lower those emissions by 150 million metric tons every year even as electricity demand rises…Rapid technological progress and falling battery costs mean China will be able to store that renewable energy and build a zero-emissions vehicle fleet. Battery-electric storage costs have plunged 87% since 2010…

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But China’s continued coal investments risk its climate leadership and clean energy aspirations. In the first six months of 2020, China built more than half of the world’s new coal power plants…and it is planning 250 GW of coal-fired capacity, more than the U.S.’s and India’s combined existing capacity…It will be difficult for China to realize the economic potential associated with wind, solar, and other clean technologies if it continues investing in new coal. A recent assessment found 43% percent of the country’s existing coal plants are running at a net loss and estimated that replacing these units with new renewables could have yielded $18 billion net financial savings this year…” click here for more

Provincial total capacity mix and new transmission lines required by 2030 (click to enlarge)

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