The market added over 100GWs of wind and solar annually in the last three years.
China will continue its reliance on fossil fuels for its main power, despite seeing a “strong” growth in renewable energy, S&P Global Commodity Insights reported.
“Growth is strong, but fossil fuels remain the main power source and will be so for the next two decades,” the report read.
“China has added more than 100 gigawatts (GW) of wind and solar capacity annually over the past three years.”
In 2023, the market is expected to add up to 160GW, based on the estimates of China’s National Energy Administration
“This implies nearly 30% of annual growth over 10 years. This will bring non-hydro renewable capacity to about 920GW by the end of 2023,” S&P Global Commodity Insights noted.
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