Global Renewable Energy Development Momentum is Strong (International Perspective) Power Generation | Projects | Global

The report "Renewable Energy Market Update" recently released by the International Energy Agency believes that due to policy support, rising fossil fuel prices, and active promotion of solar and wind power generation projects, it is expected that the global installed capacity of renewable energy will increase by one-third this year, and the global renewable energy generation will continue to grow next year. Based on this trend, it is expected that the world will have sufficient solar photovoltaic manufacturing capacity by 2030.

Photovoltaic power generation and wind power will achieve dual growth

According to the first volume of the 2023 World Energy Transition Outlook released by the International Renewable Energy Agency, the global installed capacity of renewable energy has increased by a record 300 gigawatts in 2022. Fatih Birol, Executive Director of the International Energy Agency, stated that it is expected that global renewable energy generation will reach a new high this year. Among them, solar and wind energy are leading the rapid growth of the global renewable energy economy.

The International Energy Agency report predicts that $380 billion in global investment will flow into the solar energy sector this year, surpassing investment in the oil sector for the first time. The newly installed photovoltaic capacity will account for two-thirds of this year's renewable energy capacity. It is expected that by 2024, the manufacturing capacity of the photovoltaic industry will more than double, reaching 1000 gigawatts. In addition to the construction of large-scale photovoltaic power stations in multiple regions around the world, small-scale photovoltaic power generation systems are also showing a rapid growth trend. At the same time, the report predicts that, as the wind power projects that were postponed during the COVID-19 epidemic have started to advance, the global wind power generation will rebound sharply this year, with a year-on-year growth of about 70%. Fatih Birol stated that the cost of renewable energy such as solar and wind power generation is decreasing, and more and more countries recognize that developing renewable energy is not only beneficial for addressing climate change, but also provides important solutions for addressing energy security issues.

The International Energy Agency predicts that global renewable energy production capacity will continue to grow next year, reaching 4500 gigawatts. Francisco La Cameron, Director General of the International Renewable Energy Agency, emphasized that by 2030, the world must add an average of 1000 gigawatts of renewable energy installed capacity annually and significantly increase the number of terminals directly using renewable energy in order to achieve ambitious climate goals.

Multiple countries continue to increase investment efforts

From a global perspective, the green and low-carbon transformation continues to inject new momentum into the development of the world economy. Countries are increasingly valuing and continuously increasing their investment in the field of renewable energy, and the growth momentum in related fields is evident.

According to data from the Federal Network Agency, the German energy regulatory agency, Germany added over 2.6 gigawatts of photovoltaic installed capacity in the first quarter of this year. As of the end of January this year, the cumulative installed capacity of photovoltaics has reached 68.2 gigawatts. The Federal Ministry of Economy and Climate Protection of Germany has formulated a development strategy for the photovoltaic industry in 2023 to ensure the achievement of the goals set by the Renewable Energy Act. The German government has proposed plans to increase the photovoltaic installed capacity to 215 gigawatts by 2030.

Brazil has introduced multiple measures to encourage the development of renewable energy. The Brazilian National Development Bank provides special low interest loans for wind power projects. The government also plans to install rooftop photovoltaic power generation equipment for schools, public health centers, and low-income residential areas to facilitate access to low-cost renewable energy. According to data released by the Brazilian Electricity Trading Association, the average monthly electricity generation in Brazil increased to approximately 67000 megawatt hours in 2022. Among them, the proportion of renewable energy generation reached 92%, close to 62000 megawatt hours, setting a record high in nearly 10 years.

Vietnam also regards the development of renewable energy as an important way for the country's green transformation. In 2021, the country approved a national strategy for green growth towards 2050. According to this strategy, Vietnam will increase the proportion of renewable energy in the total primary energy supply to 15% -20% between 2021 and 2025; By 2050, increase the proportion of renewable energy in the total supply of primary energy to 25% -30%.

The South African government established the South African Presidential Climate Committee in 2020, with the aim of providing recommendations on issues such as energy transition. The committee recently stated that by 2030, the proportion of solar and wind energy in South Africa's energy structure will increase from 7% to 40%, which is the fastest way to overcome the electricity crisis and the most economical choice to fulfill its climate commitments.

The 2022 Africa Energy Outlook report released by the International Energy Agency shows that Africa has 60% of the world's solar energy resources, and renewable energy sources such as wind, geothermal, and hydropower are also very abundant. The United Nations Economic Commission for Africa believes that electricity supply is an urgent challenge that Africa needs to address, and the development of renewable energy can be used to partially meet the rapidly growing electricity demand of the African continent.

China actively supports global energy transformation

The International Energy Agency pointed out in its report that China is a global leader in the field of renewable energy, and it is expected that China will account for 55% of the world's newly installed renewable energy capacity in the next two years. With advantages in technology and equipment, Chinese enterprises actively engage in international cooperation to promote the development of global renewable energy. "China plays a crucial role in global energy transformation and promoting sustainable development, and achieving the goals of the Paris Agreement and addressing climate change requires China's participation and support," said Francisco La Camera

In recent years, more and more Chinese companies have invested in renewable energy in Kazakhstan. According to data from China Electric Kazakhstan Energy Investment Co., Ltd., as of the end of 2022, the total installed capacity of renewable energy projects jointly built by Chinese enterprises in Kazakhstan has exceeded 1000 megawatts. At the end of 2022, the first phase of the Akmora Oblast wind power project in northern Kazakhstan, which was invested and constructed by Chinese enterprises, successfully connected 30 150 MW generator units to the grid for power generation. The second phase, with a capacity of 55 MW, is expected to be connected to the grid for power generation in September this year. After full capacity grid connection, it can provide about 600 million kilowatt hours of clean electricity to the local area every year.

In the northwestern province of Jujuy in Argentina, one of the world's highest altitude large-scale photovoltaic projects, the Gao Cha Rui photovoltaic power generation project, was officially put into commercial operation in September 2020. This project can meet the electricity needs of approximately 100000 households while also reducing 325000 tons of carbon dioxide emissions annually. Roberto Salvareza, former Minister of Science and Technology of Argentina, said that China drives local infrastructure construction through investment and technological exchanges, helping Latin American countries accelerate their energy transformation.

China attaches great importance to strengthening cooperation with Africa in the field of renewable energy. So far, both sides have implemented hundreds of renewable energy and green development projects within the framework of the Forum on China Africa Cooperation. The first unit of the Nigerian Zonggru Hydropower Station, constructed by a Chinese enterprise, will officially be connected to the grid for power generation in March 2022. The designed annual power generation of the power station is 2.64 billion kilowatt hours, and once fully completed, it can meet twice the electricity demand of the Nigerian capital Abuja.

Lorad Abila, head of the Nigeria Energy Transition Office of the United Nations Organization for Sustainable Energy for All, said that although Africa has unique advantages in developing renewable energy, it faces practical difficulties such as outdated infrastructure and a shortage of technical personnel. China has many successful experiences in developing hydropower, photovoltaics, wind power, energy storage, and other areas. Both sides will increase cooperation in talent cultivation, technological cooperation, investment and financing, and will help Africa improve the level of renewable energy industry construction.

According to an article on the Global Commodity Insight website under the international rating agency Standard&Poor's, China has become a major exporter of photovoltaic and wind power equipment worldwide. China actively engages in bilateral and multilateral cooperation, exchanges technology and talents with partners, which is conducive to promoting the development of global renewable energy.