China’s Key Role in New Energy and prospects of High Quality Growth - ANALYSIS

Politics 15:00 08.03.2024

Ednews represents the article by Dr. Mehmood Ul Hassan Khan:

Xi Jinping, general secretary of the Communist Party of China Central Committee and president of China emphasized on greater efforts to pursue the “high-quality growth” of the “new energy sector” to ensure the nation's energy security and contribute to building a clean and beautiful world. Thus it has become “new green chapter” of development, connectivity, production, prosperity and progress in China and its BRI members which are good omen.

Xi made the remarks while presiding over a group study session of the Political Bureau of the CPC Central Committee. He noted that energy security impacts China’s overall economic and social development and development of clean energy and promotion of green and low-carbon transformation should be pursued for the betterment of the international community to cope with looming threat of global climate change.

He pinpointed that China's energy development still faces a series of challenges, such as huge demand pressure, supply constraints, and the arduous tasks of green and low-carbon transformation and he termed vigorously develop new energy as the to meet these challenges.

Xi chalk out that China is rich in wind power, photovoltaic and other resources, and has huge development potential in new energy. The nation has now built the world's largest clean power supply system, and its new energy vehicles, lithium batteries and photovoltaic products are also highly competitive in the global market.

According to many published reports, China currently holds over 50 percent of the global market share for photovoltaic products, including more than 75 percent for photovoltaic modules, around 80 percent for solar cells, and over 9 5percent for silicon wafers. It is also the biggest investor and manufacture of solar and wind panels in the world.  

It is also the world's largest automobile manufacturer for 15 consecutive years, became the world's largest automobile exporter in 2023, with new energy vehicle mainly EVs exports reaching 1.2 million units, a year-on-year increase of 77.6 percent.

China dominates the top ten global power battery companies, with six of the entries being Chinese enterprises that hold a market share of 62.6 percent.

It seems that with a solid foundation in new energy development, China has become a key driver of global energy transformation and the fight against climate change and it’s both mega projects of the 21st century are making inroads in green energy transformation in its member countries reaching to 152 around the world giving hope of green and smart living, bio-diversity, reduction of carbon footnotes and last but not least carbon neutrality in the world. 

According to data from the National Energy Administration, it witnessed an accelerated pace of green and low-carbon transformation in the country. The total installed capacity of renewable energy in the country reached 1.45 billion kilowatts in 2023, accounting for over 50 percent of the country's total installed power generation capacity and historically surpassing that of thermal power. 

Furthermore, the international competitiveness of China's wind and photovoltaic industries has become increasingly prominent. China's production of key components, such as wind turbines, accounted for over 70 percent of the global market, while the production proportion of polysilicon, silicon wafers, solar cells and modules in the photovoltaic industry all exceeded 80 percent of the global total.

While delivering a keynote speech the Chinese president underlined the need to deal with the relationships between new energy and traditional energy, the government and the market, as well as energy development and energy conservation which will definitely promote the high-quality development of new energy, Xi underlined the need to deal with the relationships between new energy and traditional energy.

He highlighted the importance of targeting globally cutting-edge technology in the energy sector, intensifying joint efforts in making progress in core technologies in key fields and enhancing the transformation and application of research achievements.

He called for fostering industries associated with energy technology as new drivers for upgrading the country's industries, thereby promoting the development of new productive forces.

Xi also featured the need to further develop the infrastructure network for new energy, advance the intelligent transformation of power grid infrastructure, and accelerate the construction of a charging infrastructure network to support the rapid development of new energy vehicles.

It is important to deepen international cooperation in new energy technological innovation, he said, urging efforts to promote international cooperation in the industrial chain of the new energy sector and build a new win-win model for green and low-carbon transformation.

China should also actively participate in the reform of international energy governance, promoting the establishment of a fair, just, balanced and inclusive global energy governance system.

It is good omen that China and the Chinese private companies are striving hard to promote green technologies and projects under the CPEC in the country. Chinese solar solutions giant LONGi announced to achieve the magnificent goal of 2 gigawatts (GW) solar power generating capacity in Pakistan. With the help of more Chinese companies, it is highly likely that Pakistan’s solar energy market size is expected to grow from 1.3GW to 9.77GW in the coming years. Moreover, the Chinese EVs are making its inroad in the country and has launched many EV projects in the country. 

In summary, evidently September 2021 marked a critical turning point when China committed to halt overseas financing for coal-fired power plants and promote greener finance. 

 Afterward, China’s signaled that it planned to increase green investment through the BRI could be a game-changer for the pace of renewables uptake worldwide. 

In this regard, the "Green Silk Road" as an integral part of the BRI is transforming countries, communities, nature and people alike around the globe. 

 The Green Investment Principles (GIP) for the BRI was launched at the end of 2018, established a structured approach for promoting environmentally responsible investments in countries and regions involved in the BRI. In 2021, China unveiled the Green Development Guidelines for Overseas Investment and Cooperation. These initiatives prioritize the mitigation of environmental challenges linked to overseas BRI ventures and supply chains, reaffirming China's unwavering dedication to sustainability.

China has taken a proactive role by spearheading the establishment of the BRI Partnership on Green Development, a collaborative effort involving 31 nations.

China has dominated 60 to 80 percent of all major green technologies in the world, solar, wind, hydro, batteries, electric cars, and high-speed rail. Companies like Longi, BYD, and CATL are the world leaders in their sectors vividly reflecting China’s strong commitments towards green transformation in the world. 

It is suggested that Chinese policy makers should consider launching joint “Green Bonds”, “Green Saving Certificates”, “Green People’s Partnerships Mechanism”, “Green Banking Channels”, “Green Talent Hunts Programs” and last but not least “Green Advocacy Programs” to mature concept of green into reality, saving this planet, people, and prosperity.      

 

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

EU to provide Kyiv with €30.6B in support in 2025
16:40 27.06.2025
Simon Stiell calls for global cooperation in face of climate crisis
16:00 27.06.2025
IDF says fighter jets struck Hezbollah facility in southern Lebanon
15:40 27.06.2025
President Ilham Aliyev received credentials of incoming ambassador of Poland
15:05 27.06.2025
Masked Special Forces of Armenia's National Security Service enter territory of Garegin II’s residence
14:55 27.06.2025
Hungary blocks talks on Ukraine’s accession to EU
14:35 27.06.2025
Israel sums up operation against Iran: 11 scientists, about 300 IRGC members killed
14:05 27.06.2025
Trump says his duties bring US $88B in revenue
13:55 27.06.2025
Snow falls in world’s driest desert in Chile
13:25 27.06.2025
Release from the Press Service of the President
13:00 27.06.2025
Australia to prioritize 'national interest' over defense spending, says premier, resists US pressure
12:35 27.06.2025
Chairman of Committee: 'There are broad, strong ties of cooperation, solidarity among religious confessions in Azerbaijan'
12:25 27.06.2025
Price of Azerbaijani oil grows over 1%
12:05 27.06.2025
Over 60 foreigners evacuated from Iran through territory of Azerbaijan
11:45 27.06.2025
European Championship: Azerbaijani judokas win 6 medals on first day
11:25 27.06.2025
UNFCCC Subsidiary Bodies’ 62nd session (SB62) concludes today
11:05 27.06.2025
Mukhtar Babayev: New NDCs can be a green light for green investments
10:55 27.06.2025
Former UN General Assembly president presents poem about Nizami Ganjavi at London Climate Action Week
10:35 27.06.2025
WHO delivers 1st medical shipment to Gaza since March 2, calls it 'drop in ocean'
10:20 27.06.2025
Polish lawmakers vote to withdraw from anti-landmine treaty
10:05 27.06.2025
At least 16 killed, 400 injured in Kenya protests: Amnesty International
09:55 27.06.2025
Elchin Amirbayov: South Caucasus faces both challenges, opportunities
09:35 27.06.2025
Senior clergyman under investigation for call for coup in Armenia
09:20 27.06.2025
Gen. Dan Caine: US strikes on Iran are 'culmination' of 15 years of planning
09:05 27.06.2025
Euronews: Baku is platform for global energy dialogue
21:35 26.06.2025
Turkish president believes Iran won't close Strait of Hormuz
21:05 26.06.2025
Boat sinking on Niger-Benin border kills 13
20:45 26.06.2025
Erdogan: Türkiye negotiating its return to F-35 program with partners
20:25 26.06.2025
Paris honors Azerbaijani heroes who fought in France's WWII resistance
20:05 26.06.2025
Global energy CO2 emissions hit new record in 2024
19:45 26.06.2025
UN special rapporteur calls planned election of Myanmar's military junta 'mirage'
19:35 26.06.2025
Iran's supreme leader threatens US
19:20 26.06.2025
Erdogan: Türkiye must create multi-layer air defense system
19:05 26.06.2025
Erdogan says Trump will join Ukraine peace talks in Türkiye if Putin attends
18:45 26.06.2025
Azerbaijan discusses wind energy projects with Chinese company
18:25 26.06.2025
Armenia arrests 15 people on charges of coup attempt
18:15 26.06.2025
EXPLAINER – War with Iran: Financial fallout for Israel, US
18:00 26.06.2025
Turkish president praises Trump for Iran-Israel ceasefire, urges similar push for Gaza, Ukraine conflicts
17:45 26.06.2025
Israeli attacks kill at least 21 people in Gaza, medics say
17:20 26.06.2025
Traditional meeting of EU leaders kicks off in Brussels
17:05 26.06.2025
Hamısı