Wind, solar expected to stabilize economic growth

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Wind, solar expected to stabilize economic growth

Since the beginning of this year, the construction of renewable energy projects represented by wind power and photovoltaics has accelerated in China. Utility-scale wind and solar power plants are under construction, and the installation of commercial and industrial solar system has witnessed an explosive growth. Many governments have issued plans to promote the development of renewables. It is believed that green power investment is critical to stabilize the economy.

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In a desert in eastern Inner Mongolia, a wind+solar farm is undergoing preliminary construction. The total installed capacity of the project is 1 GW. It is one of the first large-scale wind+solar farms in China’s desert areas.

Zhang Fengyang, the person in charge of the investment and construction of the project, said that the project progressed faster than expected. “It started under good conditions. After the launch of this project, the local government gave quick and strong support, and the procedures were handled quickly."

The construction of such large-scale wind+solar farms is accelerating overall. According to the National Energy Administration of China, a number of renewable energy projects have recently started construction.

Up to now, nearly 90% of the 100 GW projects have started construction and progressing smoothly.

Apart from large-scale projects, renewable energy projects of smaller scales are also showing signs of acceleration.

C&I solar projects, for example, have gained momentum despite price hikes throughout the solar industrial china, said a person in charge of a PV company. He said: "The electricity prices in many areas in the C&I sector has been rising since the second half of last year, so the advantages of PV were evident. From the second half of last year to the present, the installation in the C&I sector has seen an explosive growth.”

Statistics suggest that, in the first quarter of 2022, the country's newly installed PV capacity was 13.2 GW, which was about 2.5 times that of the same period last year. The newly installed capacity of wind power was 7.9 GW, which was also significantly higher than the level of the same period last year.

In addition, provincial governments are also preparing to increase investment in renewable energy. For example, Hebei recently issued a plan to focus on building a renewable power system with stronger consumption capacity. It is proposed that by 2025, the province will build a renewable energy storage capacity of over 4 million kilowatts.

Industry experts predict that green investment will become an important measure for stabilizing the economy. During the "14th Five-Year Plan" period, the total investment in green renovation and low carbon development is expected to reach nearly RMB 45 trillion, which is about RMB 8.9 trillion per year, accounting for about 16% of the total investment in the whole society in 2021. It will provide as a considerable momentum for investment growth.