Could China’s Renewable Energy Surge Wean it Off Coal Dependence?

China has made remarkable advancements in green energy over the past couple of decades that have made it a world leader in green energy. With the country already reaching its 2030 energy targets half a decade ahead of schedule, China’s green energy surge may help the country taper its massive appetite for coal. The East Asian nation manufactures a significant portion of all the world’s solar panels and wind turbines, making it an integral player in the global green energy infrastructure supply chain.

China has also monopolized the global supply chain for electric vehicles, EV batteries, and the critical minerals needed to manufacture these technologies. It is expected to retain its position leading the world’s green energy expansion amidst policy support and massive renewable energy investments.

China’s transformation from a poor, mostly rural country to the second largest economy on the globe was largely supported by the country’s massive manufacturing segment. However, a manufacturing sector that relies heavily on fossil fuels like coal coupled with decades of weak environmental protections have led to incredibly high levels of pollution in Chinese manufacturing hubs and cities.

This rapid development led to a significant surge in greenhouse gas emissions that eventually dwarfed the U.S. and made China the most polluting country on the globe. Fortunately, major investments in renewables coupled with policy support could help China limit its reliance on coal within the next several years. The country’s capacity for solar increased by a whopping 45.2% last year (+277 GW) while wind gained an extra 80 GW (18%). Overall, renewables were mostly responsible for the 14.6% increase in China’s power generation capacity in 2024.

The 4 GW Ruoqiang photovoltaic (PV) project, currently among the largest solar energy projects in the country, was recently completed in the Taklamakan Desert in China and will help the country further its renewable energy plans. The solar farm is part of Beijing’s plans to reach peak emissions before the end of the decade as it transitions to solar, wind, and other renewable alternatives.

$818 billion worth of green energy investment went to China in 2024, accounting for two-thirds of the world’s total renewable energy investment and surpassing the combined capital that went to the US, the UK, and the European Union. By June 2024, China’s installed capacity for solar and wind power surpassed coal for the first time, taking it a step closer to achieving its decarbonization goals. Solar energy is also expected to dethrone coal as the dominant source of energy in China by 2026.

As the role of coal in the energy mix of different countries, like China, declines, technologies like electric vehicles from entities like Mullen Automotive Inc. (NASDAQ: MULN) will be enabled to deliver a higher return on climate change mitigation efforts.

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