China reports rise in renewable exports and decrease in carbon emissions

A new report from Wood Mackenzie has shown an increase of 35% in renewable energy exports from China in the last 4 years. Much of this growth has been driven by the export of battery storage systems rather than exporting renewable sources of power, such as solar or wind. Due to low manufacturing costs and domestic supply chains, China is able to offer competitively priced storage options, up to 50% cheaper than other manufacturers. As a result, China now supplies over 65% of global demand for these systems.

Simultaneously, the country has also reported a recent fall in carbon dioxide emissions.
This reduction of 3%, recorded in March 2024, has been attributed to increased renewable energy capacity across the country, but also a decrease in steel and cement production.  

Renewable energy output is increasing rapidly in China with wind and solar installations up by 40% in Quarter 1 of 2024. Analysts have claimed this may mean that China’s emissions actually peaked in 2023 and will now steadily begin to decrease. As China is historically one of the world’s largest greenhouse gas emitters, this is positive news for the fight against climate change.

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Sources:

https://renewablesnow.com/news/chinas-renewable-exports-rise-35-in-past-4-years-says-woodmac-858944/

https://www.renews.biz/93431/chinese-renewables-exports-up-35/

https://hongkongfp.com/2024/05/28/chinas-emissions-fall-as-renewable-energy-capacity-expands-but-coal-investments-blight-carbon-outlook/