China’s renewable energy growth outlook for 2022 keeps getting bigger

China’s leading renewable energy think-tank gave the most bullish forecast yet for its renewable power build-out this year as it tries to meet climate goals and reduce foreign fuel dependency.

China is set to install a record 156 gigawatts of wind turbines and solar panels this year, said Yi Yuechun, vice dean of the China Renewable Energy Engineering Institute, a think-tank that supports the National Energy Administration. That would be a 25 per cent jump from the previous record set last year, according to BloombergNEF data. 

CREEI’s forecast — which includes 100 gigawatts of solar, 50 of onshore wind and six of offshore wind — is the most bullish yet among government think tanks and industry associations. A National Development and Reform Commission researcher in April forecast 140 gigawatts of new capacity. The China Electricity Council expects about 144 gigawatts, and BloombergNEF’s latest forecast shows 154 gigawatts being added. 

China added about 35 gigawatts of wind and solar in the first five months of the year, and installations are expected to accelerate near year’s end as developers and local governments rush to meet annual targets. 

© 2022 Bloomberg L.P.

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