Goldman Sees China Nearly Tripling Its Target for Wind and Solar
(Bloomberg) -- China is likely to install nearly three times more wind turbines and solar panels by 2030 than it’s current target, helping drive the world’s biggest fuel importer toward energy self-sufficiency, according to Goldman Sachs Group Inc.
Falling costs will make around-the-clock clean power increasingly profitable, leading to the rapid deployment of renewables and batteries, analysts including Nikhil Bhandari and Amber Cai said in a report on Monday. Solar and wind capacity will reach 3,300 gigawatts by 2030, well ahead of the government’s target of 1,200 gigawatts.
Such a vast fleet of intermittent generation will require about 520 gigawatts of energy storage, around 410 gigawatts of which would come from batteries and the rest from pumped hydro facilities, according to the analysts. That means battery storage capacity would be 70 times higher than the level seen at the end of 2021.
China’s rapid energy transition will require about $8 trillion of investment through 2040 in power generation, storage and grid upgrades. Still, decoupling power from fossil fuels will lead to lower, and less volatile, generation costs from 2030, the analysts said.
It will also allow China — the world’s biggest oil, gas and coal importer — to reduce its dependence on foreign fuels. By 2060, China’s energy imports will fall to just 92 million tons of coal equivalent, from 1.14 billion tons in 2021, the analysts forecast.
Goldman’s forecasts aren’t dissimilar to other researchers. In a scenario designed to put China on the pathway to reaching net zero emissions by 2050 — 10 years ahead of Beijing’s current target — BloombergNEF estimated the country would have 3,345 gigawatts of wind and solar and 392 gigawatts of energy storage by 2030.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More renewables news

ADNOC and Mitsubishi Heavy Industries to explore opportunities in low carbon ammonia and hydrogen markets
Dec 08, 2023
ADNOC awards US$1 mln piloting opportunity to Revterra
Dec 08, 2023
Trudeau’s Oil-Emissions Cut to Test Industry’s Climate Resolve
Dec 07, 2023
Canada Orders Emissions Cuts Up to 38% for Oil and Gas Firms
Dec 07, 2023
Carbon Capture Is Confusing. Here Are 14 Terms to Help Understand It
Dec 07, 2023
US Solar Set for Record-Breaking Year as Incentives Kick In
Dec 07, 2023
Wind-Power Deployments in US Drop to Lowest Level in Five Years
Dec 06, 2023
Next-Generation Plastic Recycling Plant Is Bet on Rising US Demand
Dec 06, 2023
China’s First Next-Gen Nuclear Reactor Enters Commercial Operations
Dec 06, 2023
Poland’s Next Government Halts Wind Energy Plans After Backlash
Dec 05, 2023
Nuclear energy to play a key role in the energy transition
Dec 08, 2023
Renewable energy is accelerating, but not fast enough
Dec 07, 2023
COP28 to drive investment in the energy transition
Dec 06, 2023
Technologies that can be super charged to meet climate goals
Dec 06, 2023
COP28 presents a strong opportunity for Nabors
Dec 05, 2023
Low carbon hydrogen holds the key to achieving net zero
Sep 29, 2023
The trillion-dollar opportunities on the road to net zero
Aug 16, 2023
Unlocking growth opportunities in sustainable finance
Jul 12, 2023
Decoding the trends shaping the future of energy
Jun 14, 2023
Exploring ESG’s critical role in the journey to net zero
May 18, 2023Partner content

IT/OT convergence: balancing agility and reliability

Technologies that can help the oil and gas industry decarbonise

World-class energy management systems can shape a sustainable future

Automation is the key to LNG present and the future scenario for hydrogen
