In the next five years, the main battlefields for renewable energy installed capacity growth will still be China, India, Europe,

and North America. There will also be some important opportunities in Latin America represented by Brazil.

The Sunshine Land Statement on Strengthening Cooperation to Address the Climate Crisis (hereinafter referred to as the

“Sunshine Land Statement”) issued by China and the United States proposed that in the critical decade of the 21st century,

the two countries support the G20 Leaders’ Declaration. The stated efforts are to triple global renewable energy installed

capacity by 2030, and plan to fully accelerate the deployment of renewable energy in both countries at 2020 levels from

now to 2030 to accelerate the replacement of kerosene and gas power generation, thereby anticipating emissions from

the power industry Achieve meaningful absolute reductions after peaking.

From the perspective of the industry, “triple global renewable energy installed capacity by 2030″ is a difficult but achievable goal.

All countries need to work together to eliminate development bottlenecks and contribute to achieving this goal. Under the guidance

of this goal, in the future, new energy sources around the world, mainly wind power and photovoltaics, will enter the fast lane

of development.

“A tough but achievable goal”

According to a report released by the International Renewable Energy Agency, as of the end of 2022, the global installed renewable

energy capacity was 3,372 GW, a year-on-year increase of 295 GW, with a growth rate of 9.6%. Among them, hydropower installed

capacity accounts for the highest proportion, reaching 39.69%, solar power installed capacity accounts for 30.01%, wind power

installed capacity accounts for 25.62%, and biomass, geothermal energy and ocean energy power installed capacity account for

about 5% in total.

“World leaders have been pushing to triple global renewable energy installed capacity by 2030. This goal is equivalent to increasing

renewable energy installed capacity to 11TW by 2030.” A report released by Bloomberg New Energy Finance stated, “This is a difficult

but achievable goal” and is necessary to achieve net zero emissions. The last tripling of renewable energy installed capacity took 12

years (2010-2022), and this tripling must be completed within eight years, which requires concerted global action to eliminate

development bottlenecks.

Zhang Shiguo, executive chairman and secretary-general of the New Energy Overseas Development Alliance, pointed out in an interview

with a reporter from China Energy News: “This goal is very encouraging. In the current critical period of global new energy development,

we will broaden the scope of global new energy from a macro perspective. The total amount and scale of installed capacity are of great

significance in promoting global response to climate change, especially low-carbon development.”

In Zhang Shiguo’s view, the current global development of renewable energy has a good technical and industrial foundation. “For example,

in September 2019, my country’s first 10-megawatt offshore wind turbine officially rolled off the production line; in November 2023, the world’s

largest 18-megawatt direct-drive offshore wind turbine with completely independent intellectual property rights successfully rolled off the

production line. In a short time, In just over four years, technology has achieved rapid progress. At the same time, my country’s solar power

generation technology is also developing at an unprecedented speed. These technologies are the physical basis for achieving the three-fold goal.”

“In addition, our industrial supporting capabilities are also constantly improving. In the past two years, the world has been working hard to

promote the high-quality development of new energy equipment manufacturing. In addition to the quality of installed capacity, the efficiency

indicators, performance and performance of wind power, photovoltaic, energy storage, hydrogen and other equipment The consumption

indicators have also been greatly improved, creating good conditions to support the rapid development of renewable energy.” Zhang Shiguo

said.

Different regions contribute differently to global goals

A report released by the International Renewable Energy Agency shows that the increase in global renewable energy installed capacity in 2022

will mainly be concentrated in a few countries and regions such as Asia, the United States, and Europe. Data shows that nearly half of the new

installed capacity in 2022 will come from Asia, with China’s newly installed capacity reaching 141 GW, becoming the largest contributor. Africa

will add 2.7 GW of renewable energy installed capacity in 2022, and the total existing installed capacity is 59 GW, accounting for only 2% of

the total global installed capacity.

Bloomberg New Energy Finance pointed out in a related report that the contribution of different regions to the goal of tripling global renewable

energy installed capacity varies. “For regions where renewable energy has developed earlier, such as China, the United States and Europe,

tripling the installed capacity of renewable energy is a reasonable goal. Other markets, especially those with smaller renewable energy bases

and higher power demand growth rates, Markets such as South Asia, Southeast Asia, the Middle East and Africa will need to more than triple

the growth rate of installed capacity by 2030. In these markets, the use of cheap renewable energy is not only critical to the energy transition,

but also to enable the transformation to hundreds of millions of people. The key to providing electricity to 10,000 people. At the same time,

there are also markets where the majority of electricity already comes from renewables or other low-carbon sources, and their contribution to

the tripling of global renewable energy installations is likely to be even lower.”

Zhang Shiguo believes: “In the next five years, the main battlefields for the growth of renewable energy installed capacity will still be China,

India, Europe, and North America. There will also be some important opportunities in Latin America represented by Brazil. Such as Central Asia,

Africa, and even South America The installed capacity of renewable energy in the Americas may not grow that fast because it is restricted by

various factors such as natural endowments, power grid systems, and industrialization. The new energy resources in the Middle East, especially

the lighting conditions, are very good. How to convert these resource endowments into Real installed renewable energy capacity is an important

factor in achieving the triple goal, which requires industrial innovation and supporting measures to support the development of renewable energy.”

Development bottlenecks need to be eliminated

Bloomberg New Energy Finance predicts that compared with photovoltaic power generation, wind power installation targets require joint action

from multiple departments to achieve. Reasonable installation structure is crucial. If there is an overreliance on photovoltaics, tripling renewable

energy capacity will produce very different amounts of electricity generation and emissions reductions.

“Grid-connection barriers for renewable energy developers should be removed, competitive bids should be supported, and companies should

be encouraged to sign power purchase agreements. The government also needs to invest in the grid, simplify project approval procedures,

and ensure that the electric energy market and ancillary services market can promote the power system flexibility to better accommodate

renewable energy.” Bloomberg New Energy Finance pointed out in the report.

Specific to China, Lin Mingche, director of the China Energy Transformation Project of the Natural Resources Defense Council, told a reporter

from China Energy News: “Currently, China ranks first in the world in terms of manufacturing capacity and installed capacity of wind power and

photovoltaic equipment, and it is also significantly increasing its production capacity. The goal of tripling the installed capacity of renewable

energy is one of China’s best opportunities to reduce carbon emissions, because it allows renewable energy-related technologies to be rapidly

promoted, and costs will continue to fall as economies of scale emerge. However, Relevant departments need to build more transmission lines

and energy storage and other infrastructure to accommodate the high proportion of volatile renewable energy, and launch more favorable policies,

improve market mechanisms, and increase system flexibility.”

Zhang Shiguo said: “There is still a lot of room for the development of renewable energy in China, but there will also be some challenges, such

as energy security challenges and coordination challenges between traditional energy and new energy. These problems need to be solved.”