Will solar power re-energize China's economy?

China hopes to harness emerging industries like solar power, which Mr. Xi likes to describe as “new productive forces,” to re-energize an economy that has slowed for more than a decade. The emphasis on solar power is the latest installment in a two-decade program to make China less dependent on energy imports.

How much energy will China spend on wind & solar?

While over half a trillion dollars was spent worldwide on wind and solar last year, China accounted for 55% of that. Back in 2020, President Xi Jinping said that China would install over 1,200 gigawatts of solar and wind power by 2030. This new report says this target will be surpassed five years ahead of schedule.

Why is China the world's leading supplier of solar panels?

In that time China has become the world's leading supplier of solar panels, driving down costs all across the supply chain. That has helped make solar and wind installations in China economically competitive. Subsidies have played their part, as have regulations requiring each province to hit green energy targets.

Why are solar panels so popular in China?

This current surge is the end-product of plans dating back over two decades. In that time China has become the world's leading supplier of solar panels, driving down costs all across the supply chain. That has helped make solar and wind installations in China economically competitive.

Can China make solar panels?

The company’s U.S. projects could tap renewable energy manufacturing subsidies provided by President Biden’s Inflation Reduction Act. China’s cost advantage is formidable. A research unit of the European Commission calculated in a report in January that Chinese companies could make solar panels for 16 to 18.9 cents per watt of generating capacity.

Will solar power make China less dependent on energy imports?

The emphasis on solar power is the latest installment in a two-decade program to make China less dependent on energy imports. China’s solar exports have already drawn urgent responses.