Nation's energy investments in 2023 reach $391b

Investments in China's energy sector surged last year on the back of the government's commitment to fortify the country's energy infrastructure and embrace diverse energy formats.

Total investment in key energy projects under construction or those newly initiated rose to 2.8 trillion yuan ($391 billion) last year, the National Energy Administration said during a news conference in Beijing on Thursday.

Investments in new energy surged more than 34 percent year-on-year, said Zhang Xing, spokesperson of the administration.

Completed investments in solar power generation exceeded 670 billion yuan last year, while wind power investments surpassed 380 billion yuan, he said.

Provinces, including Liaoning and Gansu and the Xinjiang Uygur autonomous region, witnessed accelerated investments in onshore wind power projects last year, while a concentrated release of investments was noticed in large-scale offshore wind power projects in Guangdong and Shandong provinces, he said.

The remarkable surge in investments in China's renewable energy sector, particularly in solar and wind, underscores the country's strategic focus on diversifying its energy portfolio and reducing reliance on traditional sources, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.

China's global leadership in renewable energy is evident not only in the scale of investments but also in the widespread adoption of innovative technologies and practices, he said.

According to a report from the International Renewable Energy Agency, global wind and photovoltaic power generation costs have decreased by over 60 percent and 80 percent over the past decade, respectively, largely attributed to Chinese innovation, manufacturing and engineering.

According to the administration, a cluster of projects integrating power sources, grids, loads and storage has been advancing in China's northwestern regions, while investments in electrochemical energy storage and green electricity-to-hydrogen projects are also witnessing a rapid surge in investment, underscoring China's commitment to fostering innovative and integrated solutions.

China has undeniably become an indispensable force in the worldwide advancement of clean energy in recent years, it said.

In terms of investments, Chinese enterprises have extended their reach across major countries and regions, investing in wind power, photovoltaic generation and hydropower, leveraging their expertise and know-how, said Pan Huimin, deputy head of the administration's international cooperation department.

So far, Chinese wind and solar products worth over $33.4 billion and $245.3 billion, respectively, have been exported to more than 200 countries and regions, she said.