China on Course to Reach Wind, Solar Power Targets

China is close to hitting its solar and wind power targets six years ahead of schedule despite dealing with a myriad of economic hurdles, a think tank has revealed. According to a report from the Beijing Institute of Technology’s Center for Energy and Environmental Policy Research, China is on track to install more than 200 million kilowatts of new wind and solar capacity this year, bringing the east Asian nation close to achieving its free-energy goals.

The country is overwhelmingly reliant on fossil fuels to heat its massive population and power its industrial economy. As a result, it produces more emissions than any other country in the world.

Due to China’s massive greenhouse gas emissions, the country has embarked on a world-leading wind and solar installation run that has granted it the largest green-energy network on the globe. It has taken to alternative energy with gusto, installing more solar and wind capacity than the rest of the world combined over the past couple of decades.

China’s installed green-energy capacity surpassed coal for the first time in the nation’s history in the first half of 2023, a sign of a significant change in its energy system. By the second half of 2023, China’s green-energy output made up an estimated one-half of its total installed capacity. The Center for Energy and Environment Policy and Research notes that renewable energy growth in China is partly due to the availability of affordable and renewable energy.

Additionally, the institute’s Forecasting & Prospects Research Report on Energy Economy says industry experts predict continued improvements in efficiency through the year amids surging innovation in the new energy space.

Chinese photovoltaic company Longi Green Energy Technology Co Ltd recently achieved a world record-setting efficiency of 33.9% for tandem solar cells. Because sustained improvements in photovoltaic cell conversion efficiency are an effective means of cutting overall costs in solar power generation via photovoltaic cells, the high-efficiency technology has significant implications.

China Photovoltaic Industry Association deputy secretary-general Jiang-Hua notes that efficiency improvements coupled with cost reduction are the core of the primarily cost-driven photovoltaic industry. If the technology enters mass production, China could see a significant reduction in photovoltaic power generation costs, and it could help accelerate photovoltaic technology adoption in China and globally, Jiang-Hua said.

Solar power could also aid in the recovery and development of China’s economy. Technology is steadily becoming a key driver of high-quality economic development in China, Beijing Institute of Technology professor Yu Biying says. Alongside new energy cars and lithium-ion batteries, solar technology is replacing items such as home appliances, furniture and apparel as China’s top exports.

In other regions of the world, entities such as Vision Marine Technologies Inc. (NASDAQ: VMAR) are helping to green up the energy used by the boating industry, an industry known for guzzling fossil fuels, particularly in the recreational segment.

NOTE TO INVESTORS: The latest news and updates relating to Vision Marine Technologies Inc. (NASDAQ: VMAR) are available in the company’s newsroom at https://ibn.fm/VMAR

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